Davidson previously joked about a potential prenuptial agreement on Saturday Night Live

Pete Davidson joked about a prenuptial agreement with fiancée Ariana Grande on SNL — but a source exclusively tells PEOPLE a prenup is indeed in the works for the pair.

The source confirms the couple are close to finalizing or have already finalized their prenuptial agreement.

Last weekend, Saturday Night Live star Davidson made some quips about his relationship with Grande on the NBC show’s season premiere, telling costar Colin Jost he’s in favor of getting a prenup.

“Obviously I wanted one, you know, so God forbid we split up and then she takes half my sneakers,” Davidson, 24, quipped. “No look, I’m totally comfortable being with a successful woman; I think it’s dope. I live at her place. She pays like 60 grand for rent, and all I have to do is, like, stock the fridge.”

The comedian went on to joke that he has a plan to “make sure” he stays with the 25-year-old “God Is a Woman” singer forever.

“Last night I switched her birth control with Tic Tacs,” he said. “I believe in us and all, but you know, I just want to make sure that she can’t go anywhere.”

Reps for Grande and Davidson did not immediately return PEOPLE’s request for comment.

So should the pair tie the knot, what do they each bring to the marriage?

Per Fortune, Grande (as of 2017) is worth tens of millions thanks to her album sales, past tours, Reebok deal, perfume sales and other ventures.

Meanwhile, Davidson is estimated to have a net worth of around $3 million from his regular SNL gig, as well as bit parts in movies like Trainwreck and Set It Up, according to InStyle. The outlet also estimates Grande’s net worth to be higher at $45 million.

The singer and comedian were first linked in May.

PEOPLE confirmed on May 21 that Grande and Davidson had recently started casually dating. Then, after just a few weeks together, PEOPLE confirmed on June 11 that the pair were engaged after Davidson popped the question with a massive 3-carat diamond ring.

2018 MTV Video Music Awards - Arrivals, New York, USA - 20 Aug 2018
Credit: Evan Agostini/Invision/AP/REX/Shutterstock

In August, Grande told Good Morning America‘s Michael Strahan she and Davidson plan to tie the knot in 2019.

“He just ticks every box, and it gets better every day,” Grande raved of her fiancé.

As for wedding planning, she said: “It’s gonna be, like, next year.”

“My friends and I — and my mom and everybody — have been brainstorming and sharing ideas,” Grande added. “It’s really fun. I work so much I’ve never spent so much time planning something that’s personal, that feeds my soul so much and my heart. I’m gonna cry. I’m just so excited.”