A marriage represents both a romantic union and a legal partnership. As with any legal partnership, having marital agreements among partners can provide financial security and strengthen their bond.
When planning their future, couples should consider prenuptial and postnuptial agreements to protect their finances and provide peace of mind. Marital agreements are not just for the super-rich and the famous. These unique agreements can be beneficial for any couple in Philadelphia planning to get married or who are already married.
The ultimate goal of prenuptial and postnuptial agreements is to ensure both partners have protection if they decide to divorce or if one of the spouses dies. An experienced Philadelphia family lawyer can guide couples seeking to safeguard their assets and define responsibilities.
Provisions for child custody and support can’t be included in marital agreements. Courts determine child support and custody after considering what’s best for the child, regardless of any agreement.
Why Is It Critical For Partners To Have Marital Agreements?
Why Is It Critical For Partners To Have Marital Agreements? According to a Centers for Disease Prevention and Control (CDC) report in 2024, the nationwide divorce rate was around forty-two percent. The Census Bureau report of 2021 reported that just 50.4 of adults in the country were living with a spouse.
If one delves deeper into the above statistics, a harsh reality emerges, many marriages in the country are at risk of ending in dissolution and it is important to recognize the significance of marital agreement in providing financial security and protecting inherited wealth. Marital agreements such as prenuptial and postnuptial agreements, like insurance, are practical and helpful financial instruments.
Prenuptial Agreements
A prenuptial agreement is a legally binding and enforceable premarital contract that can help partners protect their personal assets if their marriage ends in a dissolution.
Couples enter into a prenuptial agreement before they marry or register as domestic partners. A prenup helps partners avoid a messy divorce and an unfavorable division of assets. The significant benefits of a prenup agreement include:
- Opportunity to negotiate over financial issues
- Legal protection from the future spouse’s debts and financial obligations
- Control over personal assets, inherited wealth, and self-owned businesses
A comprehensive and professionally drafted prenup may also encompass provisions for addressing sensitive issues like alimony.
Legal Requirements For Prenuptial Agreements in Pennsylvania
Pennsylvania laws view and treat marital agreements like business contracts between parties of equal standing. Pennsylvania laws set forth specific requirements that soon-to-be married couples should follow to ensure their prenup is valid and enforceable in the event of divorce or the death of a spouse.
These legal requirements include:
- Full and fair disclosure of finances and debts
- Both parties possess the mental capacity to sign the contract
- The agreement must be entered into voluntarily without coercion
- The agreement is not a product of fraud or misrepresentation
- The agreement is not unconscionable
Courts will scrutinize an agreement for fairness and will not enforce a prenup if it was unconscionable when signed, or if there wasn’t a full and fair disclosure of assets and debts.. Just because the agreement is in writing and both parties sign it does not make it valid and enforceable in court. Partners need to have an experienced family lawyer draft their prenuptial agreement to help clients create agreements that are legally valid and enforceable.
Postnuptial Agreements
Married partners may enter into a postnuptial agreement to address changing situations. Married couples wanting to reassess their financial arrangements can opt for a postnuptial agreement.
Couples who acquire significant wealth or assets after marriage can use a postnuptial agreement to define ownership rights, financial responsibilities, and division of assets. Postnups promote transparency and foster trust and mutual understanding between spouses.
Postnuptial agreements ensure that a married individual doesn’t take financial advantage of the other spouse. Couples may use postnups to rebuild trust after instances of partner infidelity or financial misappropriation.
Postnups are also advantageous for married couples who foresee a potential divorce. These agreements can reduce the risks of a full-blown legal battle and simplify the divorce process.
Do I Need To Hire A Lawyer To Draft And Put Into Effect Marital Agreements?
Drafting and enforcing marital agreements can be challenging, especially when substantial and complex financial interests, wealth, and assets are involved.
It is possible to create a marital agreement without a lawyer in Philadelphia, but it is not recommended. Prenuptial and postnuptial agreements made without an experienced family lawyer’s guidance may face legal challenges due to issues such as improper drafting, incomplete definition of rights and obligations, lack of disclosures, or non-compliance with court rules and procedures.
Want to know about these agreements? Contact An Attorney
With an in-depth knowledge of Pennsylvania family laws, The Law Offices of Lidia Alperovich can help ensure your prenuptial or postnuptial agreement is fair, legally binding,and tailored to your specific needs
By addressing financial and property issues proactively in a prenuptial or postnuptial agreement, partners can focus on what truly matters, and long-lasting relationships based on trust. Schedule a free and confidential initial consultation by calling (215) 355-9105 .