Prenuptial Agreements

Not Just In The Movies

Many of us have heard of a prenup agreement – these are quite often seen in the movies or the tabloid, considered a necessity when a celebrity couple marries or one partner is rich. Most recently, there was talk about the marriage of Justin Beiber and Hailey Baldwin. People speculated whether or not the couple had signed a prenup, given the major net worth difference between them. But what is a prenup agreement really? Do average couples use them? What do they cover?

What Is A Prenup?

A prenuptial agreement is ”an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” While it seems incredibly unromantic, there are many practical reasons why a couple would choose to enter into a prenup agreement. Here are some things to consider when drafting the agreement:

1. Fairness
   1. This applies to both the length of the marriage and the value of the things included – for example, you cannot state that one partner will owe millions of dollars to the other after only one year of marriage.
2. Lawyers
   1. Each partner should bring their own legal counsel to the table, as this will ensure that the process is done fairly.
3. Full Disclosure
   1. Both partners must fully disclose all of their details regarding their assets, so that everything can be properly taken into account when drafting.
4. State Laws
   1. In the case of a divorce, states typically have their own laws on how things like property division occur. However, prenups are taken into consideration if they exist. This could save the couple from any automatic results.
      1. Pennsylvania recognizes prenups unless it is proven that one spouse was coerced into signing and did not sign it of their own free will, or if the terms are considered unconscionable.

Prenups In Pennsylvania?

It may seem like you could put just about anything in a prenup, but this is not the case. While some common issues include things like premarital property division, details regarding gifts or inheritances, and family businesses on one side, the prenup must only include things that exist before the marriage. Some prenups even go so far as to dictate the allowed spending of the partners during the marriage.

What you are not allowed to include in a prenup in Pennsylvania make logical sense. You cannot detail what to do in a potential custody situation, what alimony payments would be, or child support information. Additionally, you cannot discuss religion. These seem fairly obvious, but if you and your partner need advice, just let us know.

Need Help?

Planning a wedding is a very exciting time in your life, but you may want help with some of the details. If a prenuptial agreement sounds like something you are interested in, let us know. Contact the Bucks County family attorneys at Kardos, Rickles & Hand. There should be no stigma around signing a prenup, and our experienced attorneys can help you figure out what is best for you and your partner.

Resource:

legis.state.pa.us/cfdocs/legis/LI/consCheck.cfm?txtType=HTM&ttl=23&div=0&chpt=31&sctn=6&subsctn=0

https://www.krhlaw.com/child-custody-basics/