Pre- and Post-nuptial contracts

In her book Weddings, Emily Post reminds the pre- and post-nuptial contracts in wedding:
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The matter of formalizing financial and legal matters through a prenuptial contract or premarital agreement is a sensitive one for brides and grooms, many of whom consider doing so a crass form of hedging bets on the longevity of the marriage. It is definitely an issue that needs to be discussed early in the relationship--and not something you spring on your partner-to-be right before the ceremony. Otherwise, serious doubts, hurt feelings, and even extreme anger can result.

Basically, a premarital agreement is a contract between two people that defines the rights and benefits that will exist during the marriage and after, in the event of divorce. It can expand or limit a person's right to property, life insurance benefits, or support payments upon death or divorce. Usually, it addresses the rights to property that each brings to the marriage, retirement plan assets, and how money accumulated before the marriage will be distributed in case of death or divorce. Without a premarital agreement, state laws define the rights and benefits of marriage. If the couple does not want to rely on state laws to determine their legal and fiscal fate, the premarital agreement allows them to make their own rules.

Although anyone can have a premarital agreement, it is most often used when the bride or the groom or both bring assets to the marriage that they want to protect in the event of divorce or death. This is particularly true for people marrying for the second or third time who want to make sure that certain assets are passed on to their children from a previous marriage.

What a prenuptial contract does nto cover is child custody and support. The courts will disregard the contract on this point and make a decision that is considered in the best interest of the child. The courts will also disregard a premarital agreement that, in essence, leaves one person destitute.

A postnuptial contract is one made after a couple is married. It can include the same categories of consideration, usually having to do with property and money, as those in a prenuptial contract. This contract is usually drawn if the couple realizes that children from a previous marriage or other family members would be unprotected in the case of divorce or death.
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