The Basics Of Prenuptial And Postnuptial Agreements
Prenuptial and postnuptial agreements are legally binding contracts that define what each party’s rights and obligations are with respect to the split of premarital property, support and other issues in the unfortunate event of a future divorce or death.
Prenuptial agreements are common among individuals who are bringing significant assets into the marriage and wish to protect those assets from the Pennsylvania equitable distribution process if the marriage fails.
A domestic partnership agreement defines the rights and obligations of two individuals who intend to live together without being married. Commonly used for same-sex couples, domestic partnership agreements protect the financial interests of both parties.
Postnuptial agreements are entered into after a couple is married, often for the same reasons that a prenuptial agreement is created.
Why Should I Create a Prenup or Postnuptial Agreement?
Prenuptial and postnuptial agreements are common among people who have been married before and who want to ensure that personal assets are passed on to the children or grandchildren of prior marriages rather than to the current spouse.
It is important to note that prenuptial and postnuptial agreements are not a sign of distrust between spouses. In fact, many couples find that creating an agreement can alleviate a lot of stress regarding assets and liabilities. For example, it can protect one party from any liability connected to a business owned by the other party, or it can ensure that one party does not have to pay another party’s premarital debt.
If you need assistance creating a prenuptial or postnuptial agreement, or if you have questions about whether an agreement would be appropriate for your situation, contact us. Our Scranton prenuptial agreements lawyer will review your situation during a free family law consultation and recommend the best course of action.