What is a prenuptial agreement?

Transcript:

The term of art in Minnesota is an antenuptual agreement, A-N-T-E nuptial agreement. It’s a way of parties contracting with each other prior to being married to identify a lot of their legal options ahead of time. It can be very clear as to what property is awarded to which property – to which party, I should say; how income, dividend income and other things are handled with respect to those assets; and even how spousal maintenance can be determined in the event of a divorce. An antenuptual agreement can also deal with what happens in the event of a death in terms of what the parties’ respective responsibilities are, and rights, after a party’s death.