A Prenuptial Agreement is a contract between two people that is entered into prior to being married. This legally binding contract can cover a variety of areas concerning assets and debt among the couple. There is a common misperception that prenuptial agreements, or prenups, are only for the very wealthy, but the truth is that they can be used by all individuals to protect each parties assets, and to clearly define each parties rights and responsibilities in the event of a divorce. It may seem pessimistic for a couple to be planning for divorce before they even get married, but for those who have gone through a divorce already, or know the pain of someone else who has, prenuptial agreements are a logical solution to prevent potential problems in the future.

It is still being estimated that roughly half of all marriages end in divorce, so some preparation for that possibility is a logical step. All prenuptial agreements are customized to meet the specific needs of the couple. This factor greatly increases the likelihood of both parties agreeing to it, which is, of course, necessary for it to be binding. Full and complete financial disclosure between the parties is also a mandatory requirement for all prenuptual agreements. There are numerous issues and areas that a prenuptial agreement can address, so it can be confusing to prepare and draft one, without the assistance of an experienced family lawyer.

Here is a list of some general areas that a prenuptial agreement could cover:

• The protection of separate property interests, including, business interests
The division of separate and marital property and assets (including marital residence)
• The responsibility and or division of premarital debts
• The distribution of property upon death
• Alimony obligations

There are other areas as well, including the financial obligations of each party during the marriage, and more specific guidelines regarding particular items of property. It is even possible to establish a clause within the contract that makes the prenuptual agreement time sensitive. In that case, the prenuptial agreement expires after a set number of years after the date of marriage. This is known as a sunset clause.

There are, however, a few key areas that cannot be covered by a prenuptial agreement. Any clause that is essentially illegal or clearly unfair will not be enforced by the Courts, and can not be made part of the contract. In addition, any provisions and agreements relating to child custody, visitation, and/or child support are always subject to be reviewed and modified by a Court. The benefits resulting from a well drafted prenuptial agreement, and specific details of each couples circumstances that can be addressed, make a prenuptual agreement a viable option for virtually every couple that is getting married.

After a couple does agree to a prenuptial agreement they should also periodically review it and make updates. This should also be done if a will or other estate contract has been modified or updated so that the two documents are not contradictory.

Broaching the subject of a prenuptial agreement can be difficult, but if the relationship is one that is open and honest, then a logical discussion can be had. This conversation shouldn’t be avoided. Contacting a law firm experienced in family and divorce law and establishing a prenuptial agreement is something that should occur well in advance of the marriage. After all, without a prenuptial agreement, it may be left entirely up to a divorce court to decide each and every issue regarding each persons property rights and financial obligations.