In Pennsylvania a prenuptial agreement or “prenup” as it’s commonly known, is a document that protects a person’s assets in the event that they become divorced. Prenups are entered into, signed by the soon to be married couple, before the marriage actually takes place.
A postnuptial agreement or “postnup”, is an agreement that is entered into after the marriage has already taken place. (An agreement after one of the parties’ has filed for divorce is known as a marriage settlement agreement and deals with the division of the assets now that the parties’ are separating.)
A prenup includes a listing of valuable and important assets, or property, such as; real estate (land owned, homes, timeshares), any retirement or investment accounts, bank accounts, any businesses one of the parties may own, vehicles, any debts, household belongings or furniture. A postnup includes the same listing of valuables and important assets.
Unlike in a prenup, sometimes a postnup can also be drafted to include how certain nonmarital assets (those assets acquired before the marriage) will be used during the marriage.
If you are considering a prenup or postnup here in Pennsylvania, or if you have been asked to sign one, it is important to have an agreement independently reviewed by an attorney. It is also important that the agreement is a full and fair disclosure of all property and valuables. Contact our Office of experienced family law attorneys to schedule a consultation to review an agreement or to discuss the creation of one.