Couples Handle Financial Matters on Their Terms with Prenuptial Agreements
When a marriage ends, what happens to the assets, property and debts the parties shared can get complicated. Having an agreement about these arrangements already in place can make the divorce process much less stressful. That’s where a prenuptial agreement comes in.
A prenuptial agreement is a private contract that a couple executes before marriage outlining how they will handle financial matters in the event of divorce. Some people view prenuptial agreements as a sign that a couple is not committed to staying together for the long haul. But with up to 50 percent of marriages ending in divorce in the United States, according to the American Psychological Association, and the divorce rate climbing even higher for those who marry more than once, it is simply sound financial planning to draft such a document. It actually gives the couple more power over their lives, instead of leaving financial decisions in the hands of a court if there is a dispute about them later on.
Any person who has assets, property, debts or even children from a previous marriage would do well to consider putting a prenup in place. It can outline each party’s financial responsibilities, as well as their financial rights, during marriage in addition to how property would get distributed upon divorce or death. These wide-ranging documents can also provide protection from each other’s debts, establish how spousal support will be handled and state what assets will go to any children from another marriage.
Note, however, that any child custody arrangements made in these agreements are not enforceable. This is because the state makes this determination based on what’s best for the child.
If you are getting married and want to take control of how your finances will be handled in case things don’t work out exactly as planned, an accomplished Pennsylvania family law attorney can help. In most cases, prenuptial agreements take effect on the day the couple marries and lasts indefinitely.
The Law Offices of Jennifer Courtney & Associates, P.C. in Yardley, Pennsylvania drafts comprehensive prenuptial agreements for couples in Bucks County and the neighboring areas. Contact us online or call us at 215.493.3360 to make an appointment.