prenuptial agreement

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Prenuptial Agreement

A legal and binding agreement that a couple enters prior to their marriage. Prenuptial agreements are commonly associated with the division of assets in the event of a divorce later in life, but they may also include other details such as how assets are distributed in the event of the death of a spouse. Prenuptial agreements are somewhat controversial as some see them as providing an expectation of divorce; they are designed, however, to reduce financial uncertainty in a marriage.

prenuptial agreement

A written agreement by a couple who plan to marry in which financial matters, including rights following divorce or the death of one spouse, are detailed.
References in periodicals archive ?
As long as these prenups include the factors required by their state, such as full financial disclosure, adequate legal counsel, and recitations of any legal rights to be waived, these agreements are generally legally enforceable in any future divorce action.
We don't expect this measure to lead to every engaged couple in the country seeking a prenup, but for those couples who want to have one in place, it will make their legal situation much clearer and reduce uncertainty upon separation.
com/2013/10/25/kim-kardashian-kanye-west-prenup-marriage-money-assets/) According to sources quoted by the media, the couple is committed to the marriage and has agreed to sign a prenup as they are both business people and believe that it is the smart thing to do.
Therefore whilst couples would be able to opt out of 'sharing' they won't be able to use a prenups to opt out of providing for reasonable needs, for example for housing or money to live on.
Prenups are a relatively new legal way of setting out what the financial arrangements will be if a married couple decides to divorce, having only first been accepted by courts in Australia in 2000.
You would hardly go into any other relationship or contract without some sort of insurance, risk evaluation or financial audit, so why dismiss a prenup when it is in addition related to emotions u emotions that could potentially increase the risk of misjudging the other party's motives," she said.
With the divorce courts' starting point now being an equal split - a worrying prospect for ex-Beatle, Sir Paul McCartney, who stands to lose a fortune if his divorce goes to trial - lawyers are reporting an unprecedented demand from couples taking out both prenups and postnups to soften the financial impact of divorce.
Call them romance ruiners, wedding crashers or couple killers, it is difficult to avoid the subject of prenups when divorces are so popular.
Mishcon's head of family law, Sandra Davis, said: 'Given that a significant number believed their divorce settlements were unfair and a similar number believe a prenup would have made their process of divorce easier, there is a clear call for prenups to be legalised in the UK.
Smith, too, is skeptical of prenups but says that it is his standard practice to recommend them to clients who are remarrying so that assets will be protected.
Small-business owners and the elderly are strong candidates for prenups, as well as couples in which one spouse will be supporting the other through professional school (such as medical or law), so that the supporting spouse will share fairly in the professional's ultimate gain.