Although prenuptial agreements are readily associated with the Brad and Angelinas of the world – they are not just for rich celebrities. Essentially, any individual who is bringing any measurable personal or business assets into a marriage could benefit from a prenup.
In the most basic sense, a prenuptial agreement provides for a full disclosure of each person's premarital assets, and if the couple were to divorce, such property shall remain the property of the original owner.
When a couple enters into a marriage, a prenup preserves their expectations about what would happen to the assets should they ever divorce, and it prevents unwelcomed surprises in the divorce process. In the vast majority of cases, a properly executed prenup is enforced by the court.
Advantages of Having a Prenup
There are numerous advantages to having a prenup. Not only do prenups address current assets, but they can specify that future income from a business or other assets such as those acquired through an inheritance remain separate should the marriage dissolve.
Some of the advantages of having a prenup, include:
- Waive spousal support
- Waive death benefits
- Protects children from a former marriage
The longer that people are married, the easier it is to co-mingle their assets. After 10 years or so of marriage, it can be very difficult to determine what property is separate and what property is joint. A prenuptial agreement fixes that dilemma.
In our experience at Cairns Law Offices, people who have been divorced before are especially aware of how important it is to take these steps the second or third time around.
When you don't have a prenuptial agreement and you get divorced, you will need to reach a settlement agreement with your spouse. If your spouse is unwilling to reach a fair agreement that you are satisfied with, then the division of your marital assets will be in the hands of a judge.
If you are not comfortable with negotiations during stressful times, or being at the mercy of a judge, or if you simply prefer to be in control of how your hard-earned assets are divided, then you may be an ideal candidate for a prenup.
The good news is that instead of following state law for dividing marital property in a divorce, you can basically do anything that you want with a prenup, except you cannot limit child custody, visitation, or child support.
Are you engaged and considering a prenuptial agreement? Contact Cairns Law Offices to work with a Pennsylvania firm that is A+ Rated by the Better Business Bureau!