A prenuptial agreement ("prenup" for short) is a written contract created by two people before they are married. A prenup typically lists all of the property each person owns (as well as any debts) and specifies what each person's property rights will be after the marriage.

Prenups are not just for the rich. While prenups are often used to protect the assets of a wealthy fiancé, couples of more modest means are increasingly turning to them for their own purposes. For example, a marrying couple with children from prior marriages may use a prenup to spell out what will happen to their property when they die, so that they can pass on separate property to their children and still provide for each other, if necessary. Without a prenup, a surviving spouse might have the right to claim a large portion of the other spouse's property, leaving much less for the kids.

1.       Determine whether you need a prenuptial agreement.

2.       Open a discussion with your about spouse-to-be the prenuptial agreement well in advance of the marriage date.

3.       Detail all assets and liabilities and, if possible, any future inheritances

4.       Determine who pays any debts accumulated during the marriage

5.       Specify who gets the house(s) and how you will divide any bank accounts, insurance sums and investment income (including retirement assets)--in other words, who gets what in the event of death or divorce

6.       Detail any gifts, assets and belongings that each party is bringing into the marriage as single or community property.

7.       Write your own detailed prenuptial agreement involving property, liability, spouse support, child custody, child support and other many issues. This process will take 2-3 weeks.

8.       You and your spouse-to-be sign the prenuptial agreement in front of a notary public.