What is a prenup

Answer

A prenup, or prenuptial agreement, is a contract between two people prior to their marriage which outlines how their property, assets and debts will be managed if the marriage is terminated or one of them passes away[2]. This agreement is legally binding in most states and helps to protect both parties in case of a divorce, and allow them to decide how the assets will be divided[3]. The prenup should also cover any other items that the couple agrees upon, such as alimony, child support and other financial decisions[6].

The prenup should also cover any debts that either partner may have coming into the marriage, as well as any debts that may be accumulated during the marriage[3]. Premarital agreements are becoming increasingly popular and are recommended for couples who have substantial assets or property[6]. They can also provide peace of mind and financial security for those who are worried about what would happen to their assets in case of a divorce[3].

If one partner is refusing to sign a prenup, then the other should consider not getting married as the point of a prenup is to define each person’s rights and responsibilities in the event of a separation[2]. It’s important to carefully consider the pros and cons of prenuptial agreements, and for both parties to understand the terms before signing[4]. Lastly, it’s important to have a lawyer draw up the agreement so that it is legally enforceable[4].

Websites

1. https://www.actec.org/estate-planning/what-is-a-prenuptial-agreement/
2. https://www.capitalone.com/learn-grow/life-events/what-is-a-prenup/
3. https://www.metlife.com/stories/legal/prenuptial-agreement/
4. https://hekmatfamilylaw.com/prenups/5-prenup-truths/
5. https://www.legalzoom.com/articles/prenuptial-agreements-what-they-can-and-cannot-protect
6. https://en.wikipedia.org/wiki/Prenuptial_agreement
7. https://www.clarionsolicitors.com/articles/what-a-prenup-means-answering-the-top-seven-questions
8. https://www.brides.com/guide-to-prenups-5094310

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