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A Premarital Agreement – also known as a Prenuptial or “Prenup” Agreement – allows individuals contemplating marriage to determine certain rights and/or obligations prior to the ceremony.
The agreement allows advanced determination of each party’s rights and/or obligations in the event of the death of a party, or upon the separation and/or dissolution of marriage:
Property owned by either party prior to marriage
Property obtained during the marriage
Future support obligations
Any other matter that would not be against public policy
Premarital Agreements will be upheld and enforced provided the agreement was entered into voluntarily and was not unconscionable at the time it was executed. An agreement may be deemed unconscionable if a party was not provided a fair and reasonable disclosure of the property and financial obligations of the other party.
There are occasions when parties choose to enter into a Post-Marital Agreement (“Post-Nup”) during their marriage to address the same or similar issues as in a Premarital Agreement.