Often referred to as a “prenup”, “antenuptial agreement” or a “premarital agreement,” it is a contract between two people who are about to be married. It delineates the rights of each party in the event of a divorce. Prenups are a good mechanism to protect premarital property and to limit future alimony.
If signed before marriage, it is a prenuptial agreement and if signed after marriage it becomes a postnuptial agreement and functions the same as a prenup. Prenups and Postnups can address alimony; however, child support is considered to be a right of the child rather than a right of the parent and therefore is not waivable. Additionally, custody may not be properly addressed either as it is based on what is in the best interests of the child/children at the time of the divorce.