A prenuptial agreement is a legal document that a Pennsylvania couple can use to determine how assets should be handled if their marriage ends in a divorce. While some may be reluctant to talk with their future spouse about completing a prenup, there are many important reasons to do so.
Having a prenup in place is important if one partner has more assets than the other. Individuals who have accumulated many assets, or received assets through an inheritance, can use a prenup to protect those funds. Generally, the assets an individual owns before they get married will remain theirs if they get a divorce; however, there are exceptions. Money and time can be saved if future spouses take the time before they get married to specify how their assets will be allocated if a divorce occurs.
Another situation in which a prenup is strongly advisable is if one spouse makes more money than the other. Someone who earns less than their future spouse can include provisions in the prenup that ensure enough financial support if they get a divorce. The provisions can specify how much will be paid and how long the payments will last.
Prenups can also be used to protect a business owned by one of the spouses. In situations in which a marriage ends in divorce and there is no prenup, a business owner may have to give part or all of their business to the other party.
An attorney who practices divorce law may advise a client about how a prenuptial agreement can protect their interests and rights in the event of divorce. Legal counsel could negotiate prenup terms on behalf of the client.