Planning for the future often requires people to anticipate many possible outcomes, both good and bad. While individuals are often apt to plan for lost income or potential future medical expenses, many still resist planning for the possibility that a marriage might not last a lifetime. A thoroughly negotiated prenuptial agreement allows couples to plan for a possible divorce even if that event never occurs.
Virtually no one in Pennsylvania gets married with the intent of divorcing later on, but the reality is that many marriages do end in divorce. On this basis alone, it makes sense to create a prenuptial agreement. Marriage creates an intense entanglement of finances and assets, and peeling marital property apart into separate assets is not always an easy task when emotions are running high. When worded and drafted correctly, couples may completely disregard the equitable distribution mandated by state law and instead determine how their own assets will be split.
But what does this mean for couples who did not consider a prenuptial before getting married? On the surface it might appear that these couples are out of luck; however, postnuptial agreements are growing in popularity. This contract is created after a couple has already married, although it can still address the same types of assets and whether they are subject to equitable distribution. These agreements are not usually made during times of marital stress or when a couple is already considering filing for divorce, but instead, they are used as potential safeguards in the event that the marriage breaks down.
Pennsylvania couples usually have intensely personal reasons for creating these types of agreements, and every approach must be as unique as those reasons. Whether one party wants to protect an inheritance or another has a business that he or she has invested a great deal of time and money in, a prenuptial agreement can help protect these valuable assets even if a couple ultimately decides to divorce. Those who are still curious about the possible benefits of a prenup may wish to visit our website to gather more information.