A Marriage Agreement (or Prenuptial Agreement) is similar to a Cohabitation Agreement since both set out terms of the financial relationship of two people should they decide to separate.
A Marriage Agreement pertains to individuals planning on marriage or who are currently married to each other and who wish to determine their financial arrangements should the marriage end.
The primary issues contained in a Marriage Agreement are usually division of property and spousal support. It is often helpful if a couple, aided by their lawyer, decides on terms of these issues in advance so that potential disputes can be resolved in a timely fashion and with minimal cost.
Up until 2005, marriage contracts were reserved for opposite sex couples only and while cohabitation agreements could become marriage contracts upon an opposite sex couple’s marriage, this was not the case for same-sex couples. Now, same-sex couples with cohabitation contracts would be wise to review and/or revise these agreements in the event that they wish to marry.
Regardless of gender, a Marriage Agreement is especially beneficial to protect each individual’s personal assets or business interests in the event of a separation.