What is a Marriage Contract? What is the difference between prenup and postnup?

A marriage contract is a voluntary agreement between two parties who are planning to marry or are already married, which sets out how certain matters will be dealt with should the marriage break down. Both types of marriage contracts ‘prenup’ and ‘postnup’ can be entered into, and are legally enforceable, for both same-sex marriages and opposite-sex marriages. Unmarried individuals have the option of drawing up a similar agreement, often referred to as a cohabitation agreement.
This type of agreement is most frequently entered into prior to the marriage (referred to as a prenuptial agreement or ‘prenup’) and is a good idea for couples who want to define, in advance, what will happen to each partner’s assets and finances in the result of a divorce. A similar contract can also be entered into after a couple has been married (increasingly referred to as a postnuptial agreement or ‘postnup’). These types of contracts can be a bit more convoluted as there is
little clout after the marriage has taken place and there are already shared assets to consider, but they are feasible so long as the couple can agree to terms.