March 2, 2017
Prenuptial agreements aren’t very romantic; no one planning a wedding likes to think theirs will end in divorce. With about half of marriages ending that way, however, savvy Pennsylvania couples may want to consider a prenup in case their marriage ends through annulment or death. A prenup agreement spells out what will happen if the couple later divorces.
When one person has a higher net worth than the other, or a couple includes people who both bring high assets into the marriage, a prenup can be beneficial. For a prenup to work, each person has to be honest about their financial situation. If one person doesn’t lay out all their financial cards on the table, there could be problems later should the couple divorce. For example, one person may not reveal a huge debt load, expecting their spouse to pay it off after they’re married. Without a prenup in place that covers this, the unsuspecting partner could be liable for this debt.
People who own their own business or are involved in a family business could lose part of it in a divorce if there is no prenup in place. Previously married people with children may want a prenup that spells out division of property and debt and care of their children should they die.
Nobody likes to think their marriage will end before they’ve even tied the knot. Engaged couples may want to look at a prenup as a way to protect themselves should the unthinkable happen. Since drawing up a prenup can be complicated, each person may want to consult a family law attorney who may be able to make sure any agreement is in their best interests.
