A:A prenuptial agreement is a contract entered into before marriage that sets forth the financial obligations of the parties to each other in the event of divorce or death. Prenuptial agreements are not just for the rich and famous. If you are planning to marry and have children from a prior relationship, own real estate, or have personal assets or debt, you should consider a prenuptial agreement. These agreements are especially important when one of the parties has substantially greater assets and/or income than the other.