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Simple English definitions for legal terms
Premarital agreement
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A quick definition of Premarital agreement:
A premarital agreement is a contract that two people make before they get married. This contract can decide what will happen if one of them dies or if they get divorced. It can talk about things like money, property, and who gets what. The contract has to follow the rules of contract law, but it doesn't need anything special to make it work.
A more thorough explanation:
A premarital agreement, also known as a prenuptial agreement or antenuptial agreement, is a contract made by parties to a marriage before the marriage takes place. This agreement may determine matters such as one party's rights in the estate of the other in the event of the death of one of the spouses. It may also determine what to do regarding issues that are likely to come up as a result of divorce, such as alimony or property division.
For example, a couple may agree in a premarital agreement that if they divorce, each party will keep the property they brought into the marriage and any property acquired during the marriage will be divided equally. This agreement must meet the requirements of contract law, with the exception that separate consideration is not required in most jurisdictions.
Premarital agreements can be useful for couples who want to protect their assets and avoid lengthy and costly legal battles in the event of a divorce. However, it is important to note that premarital agreements cannot determine child custody or child support arrangements, as these matters are determined by the court based on the best interests of the child.