Prenuptial agreements are no longer just for the wealthy. Traditionally, prenuptial agreements (often referred to as "prenups" for short) have been used to protect the assets of a particularly well-off spouse-to-be in a marriage; however, today, with the high divorce rate, individuals of more modest means have been turning to prenups as well. As we hear all too often, statistics show that 50 percent of all marriages end in divorce. This percentage is based on the fact that in one year there are twice as many marriages as there are divorces. With that backdrop, the demand for prenuptial agreements is growing, particularly in cases involving second and third marriages with children from a prior marriage/relationship.
A prenuptial agreement is a contract between two individuals before they are married that addresses their property rights upon divorce and/or death. The most typical situations where couples sign prenups include:
