Prenup is short for Prenuptial agreement. This is an agreement signed prior to marriage that indicates what will happen to property when the divorce is over, whether it ends due to death or divorce. Generally, a prenup is most important for high net worth individuals or business owners, but a prenup can benefit nearly any couple.
In the case of divorce, a prenup can prevent toxicity by eliminating the need for debate on who gets what, ensuring that these decisions will have been made long before both parties were involved in the emotionally difficulties of separation from a spouse. In the case of death, a prenup acts as a preexisting contract and can ensure that the surviving spouse receives a share of property that they might not have otherwise obtained, especially in cases where the late spouse had not written a will.
If you want to protect yourself or a spouse with a prenuptial agreement but you're already married, it isn't too late. You can draft what is known as a 'postnuptial agreement'. A postnup is essentially just a prenup agreed upon at any point after the wedding day. A postnup is a good idea if you are looking for the protection of a prenup, or perhaps if you want to convince your spouse that your intentions are the preservation of the marriage rather than the acquisition of property.
If you have any questions about prenuptial or postnuptial agreements, don't hesitate to contact our office. We are more than happy to help.