Why Would I Want A Prenuptial Agreement?
Many people don’t think they need a premarital agreement unless they are wealthy. In reality, a premarital agreement can protect people in many kinds of circumstances.
At Rowe Law Offices, P.C., our attorneys based in the Lehigh Valley offer free initial consultations to discuss premarital agreements.
What Is A Prenuptial Agreement?
A prenuptial or premarital agreement allows you to determine, before marriage, which assets will be marital assets and which will be separate property. It also allows you to determine whether future income will be marital or separate property.
Without a premarital agreement, most assets accumulated during your marriage, as well as any increase in the value of assets you owned before your marriage, will be considered marital property and are subject to division if you divorce.
To be enforceable, a prenuptial agreement must be properly drafted. It is not something you can spring on your soon-to-be spouse at the last minute. In addition, both parties should both have legal representation as you draft your agreement.
Why May I Need A Premarital Agreement?
A premarital agreement can be useful in many circumstances:
- If you have assets that you want to keep in the event of a future divorce, whether the asset has significant financial value such as a retirement account or sentimental value such as a household pet
- If you have children from a prior marriage whose financial interests you want to protect
- If you want to protect your spouse from debts associated with a business or other venture
- If you want to avoid the cost and stress of litigation in the event of a future divorce
If you are already married, but want to set up an agreement similar to a prenuptial, a postnuptial agreement may be drafted.