Short for 'prenuptial agreement,' a prenup is a legally binding document set up before a couple gets married — hence the 'pre' suffix. Prenups may also be known as 'antenuptial agreements' or 'premarital agreements,' but the bottom line is, they’re contracts drafted before vows are made.

Couples who are getting married for the first time and are bringing little to no assets into the marriage may not need to bother with drawing up a prenup. However, a prenup can be particularly useful if one spouse is coming into the marriage with children from a previous partnership, or if one partner has a large inheritance or a significant estate, or is expecting to receive a large inheritance or distribution from a family trust.

A postnup, or postnuptial agreement, is almost identical to a prenup — except that it’s drafted after a marriage has been established.

Along with being drafted whole cloth, a postnup can be used to amend an existing prenuptial agreement if there have been big changes that mean the initial contract is now outdated. And although it’s not fun to think about, if a couple feels they’ll soon be facing divorce, a postnup can help simplify one important part of the process before the rest of the legal proceedings take place.

How Is a Trust Fund Set up

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“How Is a Trust Fund Set up”

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