A prenuptial agreement is a legal document that outlines the legal and financial obligations of each party in a marriage if the marriage ends in divorce, states The Knot. It includes details such as how property and assets are to be divided and whether one party pays spousal support.
A typical prenuptial agreement also includes language that states when the agreement goes into effect and when the terms are no longer valid, says The Knot. Samples of prenuptial agreements are available on Prenuptial Agreements.org and The Knot.com
Many people sign prenuptial agreements to protect their assets going into a marriage and to avoid exposure from the existing financial liabilities of their future spouse, explains Prenuptial Agreements. It is wise for both parties to have a lawyer who advocates for their personal interests before finalizing the document.