There are two main types of marital agreements:

Prenuptial Agreements (Premarital Agreements): These agreements are entered into before a couple gets married. They typically address the separate and marital property of each individual, potential spousal support, and other financial considerations.

Postnuptial Agreements (Postmarital Agreements): These agreements are created after a couple is already married. They can address similar issues as prenuptial agreements and are often used when couples experience significant changes in their financial situation or wish to clarify financial matters during their marriage.

For an agreement to be valid and enforceable, both parties must enter into it voluntarily, with full disclosure of their assets and debts, and ideally with the independent legal counsel. The agreement must also be fair, reasonable, and in writing.

Marital agreements foster honest dialogue about finances and debt before marriage. By pre-determining asset division and debt allocation, couples minimize future disputes and high legal costs in the event of separation or death.

Marital agreements identify all of the assets owned by each spouse before marriage. These assets are generally considered to be "separate property" under state law.  Upon divorce, separate property will usually be returned to its original owner by the court. Therefore, a marital agreement is crucial to define separate property and how changes in the value of such property will handled. 

Without a marital agreement, a court will decide how assets are split in the event of divorce. A marital agreement allows a couple to opt-out of state-law default rules in order to protect their own family heirlooms, businesses, or inheritances. By defining separate property in writing, a couple may ensure that assets brought into the marriage by each of them will remain their own in the event of divorce. 

Another benefit of a marital agreement is to define how property will be handled upon the death of either spouse. Again, without an agreement, state-law default rules may decide how property is distributed to a surviving spouse or children. A marital agreement, along with properly structured estate planning documents, will ensure that the wishes of a deceased spouse are carried out.  

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