Each marriage is a unique situation, and many require detailed planning and expectations of each partner. The purpose of a prenuptial agreement is not to begin a marriage planning for divorce, but to outline the specific expectations of both parties if a divorce should occur. With a well-written prenuptial agreement, both parties will have clear expectations regarding asset distribution, alimony and spousal support. In the event of a divorce, a prenuptial agreement often significantly reduces divorce litigation expenses and expedites the process. A postnuptial agreement achieves the same goals, but can be entered into at any point in the marriage.
There are a variety of reasons a prenuptial agreement could be beneficial for your marriage in Montgomery County. Prenuptial agreements should be considered in many cases, not just for people of great wealth or notoriety. Here are some cases in which you should consider a prenuptial agreement:
1) Your income or assets are significantly larger than those of your spouse.
2) You wish to protect a large inheritance or family business.
3) You wish to protect the best interests of your children from a previous marriage or relationship.
4) Your spouse is entering the marriage with considerable debt obligations
5) In the event of a divorce, reducing your financial liability is a primary concern
Prenuptial agreements can be a tool to start the marriage in an open and honest manner. Under Pennsylvania law, a prenuptial agreement is valid under two conditions:
1) The agreement must be signed voluntarily by both parties
2) The agreement must include full disclosure of assets and liabilities of both parties.
Planning in advance for your prenuptial agreement eases anxiety, creates open dialogue and sets expectations for both parties.
Whether it is a composing a new prenuptial agreement or adjusting an existing one, my legal expertise will ensure all of your needs are met. I will guide you on critical areas such as asset/debt distribution, alimony, and tax implications. Flexibility is another key component of an effective prenuptial agreement, and we can tailor the agreements to protect you as your financial circumstances change, and even cancel or revise an existing agreement. To design the ideal prenuptial agreement for your individual circumstances, contact our experienced Montgomery County law firm today.