If you and your significant other are planning to get married, one of the things you’ll need to consider is whether you should sign a nuptial agreement. There are two types of nuptial agreements. A prenuptial is entered into before the marriage that contemplates the rights and obligations of the parties in the event of divorce or death. A postnuptial agreement is entered into after the parties are already married. It contemplates the rights and obligations of the parties during the marriage and in the event of death or divorce.
Parties to a premarital agreement may contract with respect to:
1. The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
2. The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
3. The disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
4. The establishment, modification, waiver, or elimination of spousal support;
5. The making of a will, trust, or other arrangement to carry out the provisions of the agreement;
6. The ownership rights in and disposition of the death benefit from a life insurance policy;
7. The choice of law governing the construction of the agreement; and
8. Any other matter, including their personal rights and obligations, not in violation of either the public policy of this state or a law imposing a criminal penalty.
Where there is no nuptial agreement signed by the parties, the court will determine how the marital assets will be divided in the event of divorce. The court will also determine whether alimony should be awarded for support of one of the parties.