As unromantic as it may seem, prenuptial agreements can be an important and healthy part of a marriage.
A prenuptial agreement (also known as “prenup”), antenuptial agreement, or premarital agreement is a contract signed before two people are wed. This contract between partners can be used to outline alimony or spousal support, child support, personal property, and more in the event of divorce.
Similarly, a postnuptial agreement is a prenup that is signed after marriage.
Division of property
These legal documents clearly state the division of property should the marriage end. Different states have their own divorce laws in regard to property rights.
Typically, assets acquired before marriage are non-marital or separate property and assets purchased during the marriage are marital property. Legal rights to these assets, like real estate, can vary depending on the state law and whether you live in a community property state.
If these things aren’t outlined prior to marriage or during the marriage, they have to be mediated or negotiated in the court of family law as part of the divorce process.
According to the National Center for Health Statistics, roughly 42% of marriages end in divorce. Discussing financial information before you get married can make things much easier in the event of a divorce.