I know what a prenup is, it’s in the name, but I’m confused as to what all it can cover. What’s the norm here?

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Posted by Cory (MONEY FORUMS: 4, Answers: 0)
Asked on December 8, 2015 9:24 am
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Cory, I don't think there is a "norm" here. Prenups are usually important if there are children from a previous marriage, if there is very unequal wealth between the two parties, or if there are particular family assets that need to stay with that side of the family. Given that 50% of marriages end in divorce, it might be good for everyone to get one. For example, it is possible to use a prenup to separate debt, if one party comes to the marriage with significant debt, so that it doesn't transfer to the spouse in the even of a divorce. Some prenups can get quite detailed in terms of ongoing financial decisions and goals, and can be used as part of estate planning.

There are some things that can't be put in a prenup (like child custody and support). As with other things of this nature, state law varies on these agreements, so you might want to get legal advice and not just download a template from the internet.
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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: December 28, 2015 8:38 pm