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.
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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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
Beyond the prenup issue, Husband suggested that the District Court erred in determining that the homestead was part of the marital estate.
"Something like half of new marriages end up in divorce and millennials are aware of that, and also more comfortable with making (prenups) a business transaction.
Divorce lawyers are in an awkward position and weighing whether to alert happily married clients with decades-old prenups of the change.
"Just 2% of the married respondents had entered into a prenup before getting married, with the vast majority (95%) never even discussing a prenup as an option," she said.
When a wealthy individual gets engaged, a "prenup" can help safeguard the assets that individual brings into the marriage from passing to the future spouse in the case of a subsequent death or divorce.
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.
"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.
Given the current economic climate, we can only assume this awareness is fuelled by the growing popularity of celebrity prenups, and media speculation surrounding these contracts.
It must be said, however, that the courts in the UAE give little weight to a prenup, and have viewed the enforcement of prenups as appearing to be against public policy, Shari'ah law aside.
Nicolas, 38, went to the Supreme Court to overturn the ruling, arguing that prenups had no status in England But judges ruled eight to one that in the right case they can have "decisive or compelling weight." They added: "It will be natural to infer that parties entering into agreements will intend that effect be given to them".
Andrejev now fully understands why prenups are necessary.