What is a prenup agreement? Is prenuptial agreement must for most couples? Eleanor Alter, a high-profile family law attorney at New York’s Alter,. Generally, a “ prenup” contains a list of each party’s individual assets , some indication of which individual assets will remain the property of each spouse in the event of a divorce, guidelines on how property acquired during the marriage will be divided in a divorce, responsibility for debts acquired before and during the marriage, and some outline the spousal support that will be payable (also known as alimony), if the marriage should end. Within the agreement, it sets out how money and assets will be separated if the marriage ends in divorce. Shorthand for Pre-nuptial agreement. This is a contract signed by both partners of the marriage before it happens, limiting the rights of one partner or both on event of divorce. It is a legal agreement entered into between two people before they are married that th...