Prenup encyclopedia
This Prenup Encyclopedia is designed to gear you and your partner up before you dive into your prenuptial agreement.
*Disclaimer: Please note that these terms and phrases are within the context of a prenuptial agreement. “You,” in this context, is a partner entering a marriage. These terms and phrases are not to be taken for literal terms or for any other use, and do not constitute legal advice.
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WHAT TO KNOW
Terms and phrases
Acquire

To buy or have, usually related to obtaining property, assets, debt, etc.

Adultery

Consensual sex between a spouse and another person whom is not their spouse. (Don’t cheat on your spouse, it never turns out well!)

Advice – the legal kind

Obtaining legal information regarding your prenuptial agreement from an attorney. HelloPrenup is not a law firm, and cannot provide you with legal advice or representation. If you are looking for legal advice or advice on your specific situation, you should contact a licensed attorney. 

Alimony

Alimony, also known as spousal support, is a legal obligation for one spouse to provide financial support to the other spouse after a divorce or legal separation. It is intended to help the receiving spouse maintain the same standard of living that they had during the marriage.

The purpose of alimony is to provide financial assistance to the dependent spouse, ensuring that they have sufficient resources to meet their basic needs and maintain their standard of living after the divorce. Alimony can be either temporary, which is paid during the process of the divorce, or permanent, which is paid until a specific event occurs, such as the remarriage of the receiving spouse, social security retirement age, or the death of either party.

The amount and duration of alimony is determined by state law or guidelines, considering several factors such as the length of the marriage, the earning capacity of each party, the contributions of each party to the marriage, and the needs of each party. The court will also consider the financial needs of each party, including the ability to support themselves after the divorce, and whether one party is at a disadvantage due to the divorce.

Antenuptial Contract (ANC)

The same thing as a prenup! This term is legalease, but the concept is the same.
An antenuptial contract, also known as a prenuptial agreement or premarital agreement, is a legal contract entered into by a couple before they are married. The purpose of an antenuptial contract is to establish the rights and obligations of each party in the event of a divorce or death. It is a legally binding agreement that can be used to define the financial rights and responsibilities of each spouse during the marriage and in the event of divorce or death.

Assets

Property (real or personal) that is of value, and that you may be getting a prenuptial agreement to protect. Examples include accounts, houses, cars, investments, etc.

Attorney

A person who is a member of the legal profession who is admitted to practice law in a jurisdiction in the United States.

Benefactor

In the context of a trust or estate planning document, a benefactor is the person or entity who establishes and funds the trust. The benefactor is also known as the grantor, settlor, or trustor. The benefactor creates the trust by transferring assets, such as cash, real estate, or securities, into the trust, and by appointing a trustee to manage the trust assets on behalf of the beneficiaries.

The benefactor can also be a beneficiary of the trust, receiving benefits from the trust during their lifetime or after their death, or they can be a third party who sets up the trust for the benefit of others.

Beneficiary

In the context of a trust or estate planning, a beneficiary is a person or entity that is entitled to receive benefits from the trust. A trust is created by a benefactor (also known as grantor, settlor, or trustor) who transfers assets, such as cash, real estate, or securities, into the trust and appoints a trustee to manage the trust assets on behalf of the beneficiaries.

The beneficiaries of a trust are determined by the terms of the trust document and can include individuals, organizations, or even future generations. A trust can have one or more beneficiaries and they can be either primary or secondary beneficiaries.
Beneficiaries may receive benefits from the trust in the form of income from the trust assets, the use of trust property, or a distribution of trust principal. The terms of the trust determine the timing, amount and conditions of the distributions to the beneficiaries.

Billable hours

Hours that will be billed to you by your lawyer or attorney based on the complexity of your prenup.

Bonuses included in the financial schedule of your prenup

Additional payment on top of salary. Can be performance based or company based. Make sure to include bonuses in your financial schedule.

Child support

Payments made by a parent to the other parent in order to provide for their child. Child support statutes or guidelines differ per state and individual state laws define child support more specifically. Child support cannot be contracted in a prenuptial agreement.

Clause in a prenup

Clauses or provisions in a prenup are the specific sections of the agreement that set out the rights, obligations, and responsibilities of the parties involved in the event of a divorce or death. Prenuptial agreements are legal contracts that are entered into by a couple before they are married, and they are intended to establish the financial rights and responsibilities of each spouse during the marriage and in the event of divorce.

Clauses or provisions in a prenup can include:

  • Property division: including how assets and debts acquired during the marriage will be divided in case of divorce.
  • Alimony or spousal support: specifying the amount and duration of alimony payments in the event of divorce.
  • Waiver of alimony or spousal support: both parties can agree to waive the right to alimony.
  • Distribution of assets in case of death: specifying how assets will be distributed in case of death of one of the parties.
  • Business: specifying how a business will be handled in the event of divorce.
  • Retirement accounts and pensions: specifying how retirement accounts and pensions will be divided in case of divorce.
  • Life insurance: specifying whether life insurance policies must be maintained during the marriage or in the event of a divorce.

You can read more about HelloPrenup clauses here.

Billable hours

Hours that will be billed to you by your lawyer or attorney based on the complexity of your prenup.

Changes to this policy

Please note that we may modify or update this Policy from time to time, so please review it periodically. If we make material changes to how we treat Personal Information, we will notify you according to applicable law. Unless otherwise indicated, any changes to this Policy will apply immediately upon posting to our Site. You are responsible for periodically visiting our Site and this Policy to check for any changes.

Contact Us

If you have any questions about our practices or this Policy, please contact us at Support@helloprenup.com or 10 High St, Boston, Massachusetts 02110.

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