Do I need a Pre-Nuptial Agreement?
Creating a Pre-Nuptial Agreement brings peace of mind to many engaged couples. If their marriage does not work out, they at least will not have to worry about a fight over property division and other issues. However, many people’s first reaction to having a Pre-Nuptial Agreement brought into conversation is:
“Don’t you trust me?”
“Why would you even be thinking about divorce?”
The ability to have a practical discussion about future financial security is very important in any marriage. A Pre-Nuptial Agreement has nothing to do with emotions or trust, instead it is about the reality of life, which can include divorce. A vast majority of people getting married do not think that they will get divorced, but the reality in today’s society is that divorce is prevalent.
Pre-Nuptial Agreements are not only to cover existing assets, but also future accumulated wealth. The agreement can cover any number of complications including one spouse being a business owner, one spouse agreeing to stay home to raise children, children from a previous marriage, real estate, and more.
Some of the scenarios in which you should consider a Pre-Nuptial Agreement are:
- Second Marriage/Children from a prior relationship
- One party owns a business
- One party has higher income or more property
- One party has a significant amount of debt
- Parties with expectation of inheritance
- One party has jointly held assets with family members, such as a family home, trust fund, etc.
In order for a Pre-Nuptial Agreement to be valid in Pennsylvania, both parties must make a “full and fair disclosure” of their assets and liabilities. This can be a helpful tool in assisting parties in obtaining full disclosure of each of their financial pictures and couples can use these agreements to affirmatively plan for each other as well.
An experienced family law attorney will help you to assess your unique goals and determine if your particular situation calls for a Pre-Nuptial Agreement. Please contact our office to speak with one of our experienced Delaware County attorneys today.