By now you may have heard that actress Meghan Markle and England’s Prince Harry are expected to announce their engagement sometime before Christmas this year. Well, what would happen if the Prince and his soon to be Princess were to be married in Pennsylvania? Would they enter into a prenuptial agreement?
Prenuptial agreements (or prenups) are not just for the extravagantly wealthy. Many couples now choose to enter into a prenup and it’s easy to understand why. It’s a smart decision to plan for the worst but to expect the best. Whether you live in a castle or in Pennsylvania it’s a wise decision to protect what you own prior to entering into marriage. A prenup can include not just bank accounts and money, but even cherished possessions like your Grandmother’s jewelry.
Who’s to say whether the Prince and future Princess will in fact enter into any prenuptialagreement but here are two VERY important things that ANYONE considering a prenup should think about:
1. TIMING- Start this Process Long Before Your Wedding
In Pennsylvania prenups that are executed (written and signed) at the last minute before a wedding can be harder to enforce in the event of a divorce. You’ll want to have the time to meet with an attorney, discuss what property and possessions you own and their value, have the prenup written, and then reviewed by your soon to be spouse and their attorney. This is not always a quick process. Why add to the last minute stress of planning a wedding by attempting to also complete a prenup at the same time?
2. FAIRNESS- It’s Required By Law
In Pennsylvania a prenup is less likely to be challenged in court if it seems fair. Many state statutes examine a prenup, in part, on whether the prenup was fair and reasonable at the time the agreement was entered into. Don’t forget it is your future spouse to whom you’ll be presenting the prenuptial agreement and for many people, the idea of signing a prenup remains a sensitive issue.
Our experienced Family Law Attorneys are aware of both of these concerns and are well versed in the law concerning prenuptial agreements. Contact us today and it would be our pleasure to assist you in the drafting or review of a prenuptial agreement.