In simple terms, what exactly is a prenup?

A prenuptial agreement, or prenup, is a legal contract that a couple enters into before getting married. It outlines how their assets and debts will be divided and specifies financial responsibilities during the marriage, such as who pays for what. A prenup can address scenarios in the event of a divorce, including support payments from a higher earner to a lower earner. It also considers life changes, such as unemployment or disability, and how these would be managed financially. Additionally, a prenup can include provisions related to inheritances and properties acquired before or during the marriage. This agreement ensures clarity and fairness, helping to prevent potential conflicts and lengthy legal battles in the future.