Top Reasons Why You Need a Premarital Agreement
Entering into a marriage is a joyous time, but there are also an array of practical matters that need to be reviewed in order to protect your interests and ensure a stable future, both for yourself and your spouse. One valuable tool that many couples consider before tying the knot is a premarital agreement, which is also sometimes referred to as prenuptial agreement.
When you need a premarital agreement, or want to discuss the possibility of how a prenuptial agreement could be beneficial given your unique situation, connect with an experienced Bucks County family attorney. Having a thorough understanding of prenuptial agreements allows you to make informed decisions about whether drafting one could be in your best interests. Doing so could safeguard your financial well-being and establish a solid foundation for your marriage.
Individual Assets and Clarity on Financial Rights and Responsibilities
One main reason why some opt for premarital agreements is to protect individual assets. With a prenuptial agreement in place, both individuals entering the union can clearly define and safeguard their respective assets and properties, including businesses, investments, and real estate. Then, in the event of a divorce or separation, these assets outlined in the prenup are not subject to Pennsylvania’s equitable distribution laws. Instead, they are distributed as agreed upon in the prenuptial agreement.
A premarital agreement also allows couples to establish clarity regarding financial rights and responsibilities while they are married, including outlining the handling of debts, division of household expenses, and financial obligations. This can be particularly useful if one or both individuals have children from previous relationships or financial responsibilities connected to prior unions. Once these provisions are in place, couples can avoid misunderstandings and potential conflicts.
Family Businesses and Inheritance Preservation
Premarital agreements are often crucial when couples are involved in family businesses as well. These legal contracts enable couples to define ownership and address potential future scenarios, such as how ownership would be impacted or transferred in case of divorce or death. By including these provisions, a family business is fortified as the contract ensures the business will remain stable and within the family’s control if there is a life upset.
Additionally, when a person has substantial assets or is expecting to receive inheritances, a prenuptial agreement can play a vital role in preserving these assets for future generations. Clearly outlining distribution of assets in case of divorce or death gives couples ways to protect inherited wealth, family heirlooms, or sentimental items that hold significant value.
Consult with a knowledgeable Bucks County family attorney to talk through the possibility of a prenup, and if you choose to move forward with drafting one, a lawyer will work to be sure that your prenuptial agreement meets the legal requirements and addresses your specific needs.
Who recommended you explore a premarital agreement? Prenups can be very helpful tools, and when used correctly can foster a strong foundation for a successful and secure marriage. Discuss your situation with the legal team at Kardos, Rickles & Hand. Call 215-968-6602 to schedule your consultation today.