When most couples in Pennsylvania get engaged, they want to focus on the joy and excitement that surrounds their relationship. The last thing that most of them want to talk about is a prenuptial agreement. After all, this makes some feel like a marriage is doomed for failure from the get-go. On the contrary, discussing a prenuptial agreement offers several benefits.
A prenuptial agreement is a legally binding contract that usually indicates which assets are viewed as separate property and which ones are marital property. It will lay out how marital assets and liabilities should be divided if the couple decides to divorce. Each prenuptial agreement is tailored to the couple. It could determine how income will be treated, if much spousal support will be offered and how business interests, inheritances and family trusts will be handled.
If a couple does not have a prenuptial agreement in place before they get married and then they decide to divorce, a judge will determine how their assets will be divided. The prenuptial agreement can help them to avoid this expense. It could also help them prevent a lot of arguments and frustration.
Many couples have found that discussing a prenuptial agreement helps them set expectations as to how their financial partnership will work once they are married. It allows them to have deep conversations about finances and assets.
Problems can arise if a prenuptial agreement is signed near the wedding date. During a divorce, an attorney by argue that it was signed under duress. This underscores the importance of couples signing a prenuptial agreement early in their engagement. A lawyer could help an engaged individual draw up a prenup. They could also provide advice on how to make it transparent and legally binding.