A ProductLink code="Prenup" text="Prenuptial Agreement" (commonly called a Prenup) is a legal document engaged couples create before marriage. It sets out each individual's current assets and liabilities and how to divide property if the marriage ends. Essentially, it establishes the individual ownership of property and whether the divorced parties will share any property after the marriage ends. This way, in the event of a marital breakdown, spouses don't have any claim to any assets that they want to keep separate from their spouses. A Prenuptial Agreement is not just for couples with significant assets, but for any couple looking to protect their personal property. Both partners can list their assets and debts before marriage to keep their property and debts from becoming shared. Prenuptial Agreements are only valid if signed before you are married since many of your assets could be considered marital property. It might seem counterintuitive to discuss breaking up before you even get married, but you can never be sure of what the future might hold. It’s best to have this conversation with your partner beforehand, just in case.