A pre-nuptial agreement is an agreement between two people who are engaged to be married. The agreement sets forth the assets and liabilities of each party and which of these assets are to remain the separate assets of that party and which are to be marital. It can also set forth provisions for alimony in the event of the marriage ending. A pre-nuptial agreement must be entered into prior to the wedding.
However, if two married people decide that they would have liked a pre-nuptial agreement prior to marriage or one of them received a wind-fall which both parties agree should remain the sole property of the one spouse, a post-nuptial agreement can be entered into. The post-nuptial agreement functions as a pre-nuptial agreement, however, it is entered into after the wedding has taken place.
A post-nuptial agreement can be drafted in such a way that it functions as a marital settlement agreement in the event of the marriage ending which would lead to an easy simple divorce.