They go by different names, such as prenuptial agreements, premarital agreements, or antenuptial agreements; but they all mean the same thing. A “prenup” is a contract fiancés enter before marrying. Its purpose is to identify how the parties will use their assets and earnings during marriage, and how their assets and debts will be distributed in the event of divorce or death.
At times of death or divorce, every state has its own approach to distributing a person’s estate. That approach, however, assumes that one size fits all, that the state’s approach is fair for everyone. Not everyone agrees. Your sense of what’s fair and right for your circumstances may differ—perhaps significantly—from the state’s. If so, a premarital agreement is for you. It is your chance to make sure your estate is handled as you’d prefer in the event of divorce or death.