Getting married is a huge commitment, and it is understandable if you have concerns before going through with the ceremony. No matter how content and secure you currently feel in your relationship, it’s always good to have a contingency plan. You should understand state laws and think about what would likely happen if you were to go through a divorce in the next few years.
In Pennsylvania, community property is not recognized at divorce. This means that assets will be subject to equitable distribution. During the equitable distribution process, courts take many different factors into account to establish how assets should be distributed to achieve a fair outcome for all. If you are the primary wage earner, it may mean that you lose a large proportion of the assets you have worked to accumulate over the years.
When taking the time to understand divorce law before getting married, you may wonder whether putting a prenuptial agreement in place may be beneficial. The following are some circumstances in which a prenuptial agreement could be useful.
When you have a significantly higher income than your partner
If there is a big gap between your income and the income of your partner, this will mean that you will be responsible for the acquisition of the majority of assets during your marriage. If the marriage does not last, your spouse may be entitled to a disproportionate share of the assets in comparison to what they worked to earn. A prenuptial agreement could help to prevent this.
When you have been married before and have children from that marriage
If you are concerned about the inheritance rights of your children from a previous marriage, you can create a prenuptial agreement to address what property your future spouse would be entitled to, and how you would like to distribute assets to your children.
If your future spouse has debt or a propensity to acquire debt
If you believe that your partner may be at risk of acquiring debt during your marriage, you can protect yourself through a prenuptial agreement. This can stop you from being accountable for the debt when divorcing.
If you want to ensure that you are protected financially by the risks of marriage, look into the many benefits that prenuptial agreements can offer.