Making the choice to marry is an exciting step for many Pennsylvania couples. There is much more to getting married than just walking down the aisle, and there are certain legal and financial steps a couple may want to take before exchanging vows. One of those things may be drafting a prenuptial agreement.
A prenuptial agreement is a contract between two parties who are about to marry. They outline how property division will work in case of a divorce, and it can eliminate the need for contention and fighting over property and money in case the marriage ends. You may assume that you do not need this type of contract because you aren’t wealthy or have many valuable assets, but in reality, many couples can benefit from having a prenup in place.
What is in a prenup?
Like many types of legal agreements, the details of your prenuptial agreement depend on your needs, goals and financial situation. Celebrity couples often draft prenups because there could be millions of dollars at stake in a divorce, especially when one party is worth considerably more than the other. A prenup can protect separate assets and keep one spouse from treating the other unfairly. When drafting your agreement, keep the following in mind:
- The terms of a prenup should be fair or else it may not be enforceable in case of a contest in the future.
- To be truly fair, a prenup has to consider what makes sense down the road, especially if the marriage ends after decades together.
- Both parties have to be completely transparent about their assets when drafting a prenuptial agreement.
- A prenup can include terms that address spousal support, but it cannot include anything regarding child custody or support.
Your agreement can impact you significantly in the future. It is in your interests to think carefully before you sign a prenup or agree to terms.
The importance of experienced counsel
When it comes to your financial future, you do not want to take any chances. Even if you think divorce will never happen, it helps to remember that the future is unpredictable. It may not seem romantic to draft a prenuptial agreement, but it could be a way for you to have long-term protection and a sense of security as you move forward into your married life.