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A prenuptial (sometimes misspelled "prenuptual") agreement is a contract drawn up by an engaged couple who want to detail how their assets will be allocated in the event of divorce or death.

Although the media is fond of reporting prenups of the rich-and-famous, you don't have to be a millionaire or Hollywood star to consider a premarital agreement.

The legal document has currently become equally popular with less wealthy individuals who want to protect hard-earned assets accumulated over the years — or as added comfort for those who have already suffered through a divorce and know that money can become the main sticking point in many marriages.

Who should consider a prenup

Is a prenuptial agreement right for you? Anyone with assets such as a house or business, who are anticipating a large increase in income or an inheritance after their marriage, should consider a premarital agreement.

More often, one partner has greater assets and stands to lose a larger sum in the event of a divorce. Other considerations to think about include one spouse who will be supporting the other through college (and wants an equitable share in future financial gain), or if one partner already has children from a previous marriage.

How to write a prenup agreement

In the U.S. prenuptial agreements are valid in all 50 states with at least half of them adhering to the The Uniform Premarital Agreement Act or UPAA.

For a do-it-yourself prenup, surf the Web (see more resources and a sample contract, below) for more information on specifics on what is, and what is not covered (i.e., child support) by a prenuptial agreement in your state before drafting a prenup agreement on your own.

However, most experts advise that you hire a lawyer, or at least have one look over your draft agreement before you get it notarized, to ensure your agreement is legally enforceable.

More about prenuptial agreements around the Web:

Prenuptial Agreemens Benefits and Drawbacks - Expert advice from Nolo.com with a quick overview of the pros and cons.

Creating a prenuptial agreement - Equality in Marriage Institute - Helpful layperson's guide with common do's and don'ts, tips on how to approach the subject in conversation, with a discussion on related paperwork and documents.

LegalHelpMate - Prenuptial Agreements - Complete FAQ with information on what may be included, related costs & legal fees, prenup discussion board.

Sample Prenuptial Agreement - Downloadable In PDF format, (Acrobat Reader required) with sample summary of financial statements and related instructions on executing the contract.

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The information provided on these pages is intended as reference
only and does not constitute professional legal advice.