What is a Prenupt Agreement?

A Prenupt Agreement is basically a contract between a future husband and wife.  The contract (the Prenupt Agreement) has to be in writing (it cannot be verbal) and signed by the future husband and wife.  The signing of the document has to take place prior to the marriage ceremony.  There is no requirement that the signing be witnessed or notarized.  However, the likelihood that the Agreement will be enforced later will increase if the same is signed in front of two witnesses and notarized by a notary.  There is also no requirement that either side obtain an attorney.  However, the likelihood that the Agreement will be enforced later will increase if both sides have an attorney and have ample time to consult with an attorney regarding the Agreement.

Generally speaking, there are two main purposes for entering into a Prenupt Agreement — to preserve assets accumulated before and/or during the marriage and to avoid being liable for your spouse’s debt accumulated during the marriage.  The Agreement is designed to allow either spouse to retain or keep separate from the other spouse, all assets and income accumulated either before and/or during a marriage.  The Agreement is also designed to keep separate, all debts accumulated by either spouse during the marriage.  Basically, you enter into a Prenupt Agreement to retain 100% ownership of all assets and income accumulated during the marriage.  Likewise, you enter into a Prenupt Agreement to avoid being made liable in Divorce Court for the debts of your spouse.

Generally speaking, if you do not have a Prenupt Agreement, you will have to give your spouse 50% of all assets that you accumulated during the marriage.  Likewise, if you don’t have a Prenupt Agreement, you will be 50% responsible for all credit card debt, doctor bills, etc. that your spouse accumulates during the marriage — regardless of whose name is on the debt.

There are no set time limits placed on a Prenupt Agreement.  That is, a Prenupt Agreement can last for 5 years, 10 years or forever.

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