A Pennsylvania prenuptial agreement, which is also known as a antenuptial agreement, a premarital agreement, or a prenup, is a contract entered into by future spouses prior to their marriage. The premarital contracts formed through these agreements usually outline the division of assets and debts and form and amount of support, if any, that each party will be entitled to in the event of PA divorce or death.
You may who want a future spouse to sign a pre-nuptial agreement if you have something you want to protect from the Pennsylvania equitable distribution process in the event the marriage fails. One or both potential spouses may want to avoid the risk of a major loss of assets, income or a family business in the event of a divorce. Pre-nuptial agreements are also used by spouses marrying for a second or third time also might desire to make sure that certain assets or personal belongings are passed on to the children or grandchildren of prior marriages rather than to a current spouse.
We advise our clients that they may want to consider entering into a Pittsburgh prenup if:
- You have assets such as a home, stock or retirement funds
- You own all or part of a business
- You may be receiving an inheritance
- You have children and/or grandchildren from a previous marriage
- One of you is much wealthier than the other
- One of you will be supporting the other through college
- You have loved ones who need to be taken care of, such as elderly parents
- You have or are pursuing a degree or license in a potentially lucrative profession such as medicine
- You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company.
- One of you has (or anticipate having) debt.
There are times when a Pennsylvania premarital agreement may not be necessary, but some sound premarital advice from a Western PA family lawyer could be beneficial to the future spouses. Marriage is a contract that involves many financial decisions along the way. Our Pittsburgh prenuptial contract attorneys can help guide you to make sound financial decisions during your marriage contract. Contact us before you tie the knot!