A prenuptial agreement, or a “pre-nup”, is an agreement reached by a couple prior to marriage which addresses the manner in which assets held by one or both of the spouses will be distributed in the event the marriage ends. While there are specific provisions that must be included in a valid prenup, such as debt and asset disclosure, a prenup may also include lifestyle and goodwill clauses, and even social media provisions relating to the couple. A pre-nup can also impose restrictions on what a spouse may divulge about the other spouse during or after the marriage.
With people marrying later in life, the use of prenups is now more prevalent due to individuals acquiring more assets prior to getting married. Sadly, with nearly half of all marriages in the United States ending in separation, a couple approaching marriage should strongly consider the use of a prenup to avoid a messy and/or unpredictable divorce.
If you are interested in learning more about a pre-nup, please contact Catherine Mihalick of our Estates and Tax Practice Group (firstname.lastname@example.org).