Negotiating the terms of a prenuptial agreement may not be something you included on the list of tasks to complete before the wedding. However, despite the lack of romance associated with creating and executing a legal document, it may strengthen your marriage. As a general rule, Pennsylvania recognizes such an agreement as long as it follows state contract law.
All the secrets come out
During the process of creating a prenuptial agreement, you must disclose all of your assets and liabilities. You must also typically disclose any sources of income that you have. Your partner must do the same, which means that you’ll have a full understanding of your financial situation before getting married. This may make it easier to determine if you can afford to buy a house, have a child or make other significant investments.
Marriage doesn’t always end in divorce
The prenuptial agreement will likely include language referring to how property is split in the event of a divorce. However, the agreement can also be modified to account for what happens to the property if you or your partner die. For instance, the contract may stipulate that the surviving partner can stay in the home until death even if ownership of the home transfers to your children or another party.
Protect children from a previous marriage
A prenuptial agreement may be ideal if you have children from a previous marriage. The contract may state that assets brought into the marriage are separate assets that will go to your kids in the event of your death. Alternatively, it ensures that assets remain in your control if this marriage also ends in divorce.
Ideally, your marriage will last until you take your final breath. However, the reality is that the success of your relationship may depend at least partially on factors outside of your control. Having a prenuptial agreement in place may allow you to regain a sense of certainty about what your future holds regardless of what happens.
