Conshohocken Divorce Attorney David is a partner and chair of the Family Law Practice Group where he concentrates his practice in all areas of domestic relations, including divorce, custody, child support, equitable...Read More by Author
Top Ten Reasons to Have A Pre-Nuptial Agreement
As we head into the wedding season, often we get an inquiry as to whether someone should enter into a Pre-Nuptial Agreement before the marriage. The first question that is always asked is – are they worth the paper they are written on? The answer to that is a resounding “yes”, especially in Pennsylvania. Provided there is full and fair disclosure and there is no duress, the parties can enter into whatever agreement they choose, and the Agreements are held to be enforceable.
The second question that is asked is – should I do one? Our answer is – it depends upon your circumstances. Below are the top ten reasons that this attorney feels a Pre-Nuptial Agreement should be prepared and entered into prior to the wedding date. They are as follows:
- Want to protect family wealth or business. (You are inheriting, or you are currently involved in a family business and need to make sure it remains in the family)
- Want to protect children of prior marriage. (Want to make sure your children receive certain assets that may be from the prior marriage)
- Want to avoid conflicts between your children and your new spouse. (Avoid estate issues after your death)
- Do not want to have another negative divorce experience. (Don’t want to repeat conflicts and litigious divorce)
- Want to protect assets you have already accumulated. (Getting married with significant assets you already worked hard to acquire and want to make sure you keep them if there is a divorce or death)
- Want to start the marriage with a good understanding of each party’s financial expectations of each other. (Parties agree who is paying for what and how their financial lives will be handled during the marriage)
- Pre-determined financial resolution if the parties do proceed with a divorce later. (Pre-divorce planning)
- Determine what will occur with each party’s estate before they get married. (Each party knows what they will be passing assets to their families upon death)
- The parties are buying a house together prior to marriage and want to establish what will happen with the property if a divorce were to occur. (Who gets what monies back, who gets to stay in the house, or the mechanism for a sale)
- To recognize and provide a financial benefit to one party, who may be giving up their career or relocating in order to live with their new spouse. (The Pre-Nuptial Agreement provides for some financial compensation for the party who is moving or giving up a career)
If any of the above ten reasons make sense to you or for one of your children, then please feel free to contact any of the Family Law attorneys at our firm to ask for a consult to determine what the next steps should be. It is always better to have the Pre-Nuptial Agreement completed weeks before the actual wedding date, if at all possible. Therefore, don’t procrastinate and pick up the phone sooner than later if this is something that makes sense for you.
The information contained in this publication should not be construed as legal advice, is not a substitute for legal counsel, and should not be relied on as such. For legal advice or answers to specific questions, please contact one of our attorneys.