A marriage settlement in England and Wales was a historical arrangement whereby, most commonly and in its simplest form, a trust of land or other assets was established jointly by the parents of a bride and bridegroom. The trustees were established as legal owners of the assets, and the bride and bridegroom as beneficial owners of the assets during their lifetimes, and after their deaths, beneficial ownership would descend to one or more of the children of the union. The marriage settlement should not be confused with the modern prenuptial agreement, which is concerned mainly with the division of assets after divorce. Such settlements were also commonly made in the British colonies in North America, among families with assets to protect.