A prenuptial agreement, or prenup, is a legal document that individuals can use to specify how their assets will be handled should they get a divorce. Couples in Pennsylvania who are thinking about getting married should carefully consider how prenups could protect their financial interests.
One situation in which a prenup is advisable is when one spouse has accumulated or inherited more assets than the other. While assets that belonged to an individual before marriage usually remain theirs after a divorce, there are exceptions. Couples who are getting married can save themselves both money and time in the future by specifying how their assets are to be handled if a divorce occurs.
Having a prenuptial agreement before marriage may also be advantageous for the lower-earning spouse. Someone who is making less than their future spouse can use the prenup to ensure that their financial future will be secure. The prenup could detail how much alimony will be paid if a divorce occurs and for how long the payments will be made.
Someone who has their own business should also strongly consider completing a prenup. If a business owner gets married without completing a prenup, they may have to give some or all of their company to their ex-spouse. In some cases, they may be forced to make their ex-spouse a partner in the business.
A family law attorney may assist a client who is getting divorced negotiate the terms of a separation agreement. If necessary, the lawyer can make sure that the stipulations of a prenup are followed.