Through the years, it has been the common belief that prenuptial agreements are for wealthy, prestigious individuals that have immense wealth or assets. While a prenuptial agreement can be incredibly beneficial for those in that situation, there are also many benefits for those who may be coming into a marriage with very little. Anyone considering getting married in Pennsylvania may want to discuss creating one of these agreements.
When contemplating whether or not to obtain a prenuptial agreement, there are several things to remember. First of all, these agreements can help each party better understand his or her own personal financial situation and that of his or her future spouse. This provides both parties with the opportunity to have full disclosure of each other's finances, assets, property and debts. Seeking assistance from a professional in the family law field can be helpful during this process.
In the prenuptial agreement, the two parties can decide how assets will be divided in the case of divorce. Real estate that one party owned prior to the marriage may become marital property if not otherwise outlined in this agreement. By forming a prenuptial agreement, the two individuals are given the chance to determine beforehand what would be shared or remain separate.
Couples moving toward marriage should create their prenuptial agreement well before the ceremony takes place, providing them with an enforceable agreement. This allows the judge to more easily determine the validity of the agreement during the divorce process. Those in Pennsylvania that have more questions concerning prenuptial agreements and their importance can obtain guidance from the family law resources available to them.
Source: sierramadreweekly.com, "Prenups: 3 Things You Need to Know", Don Schweitzer, Mar. 9, 2016