While some people in Pennsylvania scoff at the idea of a prenuptial agreement, others are wise to embrace it as a means of protection. At Kalinoski Law Offices P.C., we know that having such a contract in place is often advantageous.
One of the main reasons you may opt to put together such an agreement would be to protect your separate property. In other words, any assets you bring to a marriage that are specifically outlined in the document will not be subject to property division in the event of a divorce. You can use the document to define what you, as a couple, consider separate and what you consider community property.
You can also use a premarital agreement to establish guidelines for how future decisions will be made. For example, some people use the contract to outline how joint bank accounts and credit cards will be managed. If you have kids from a prior relationship, you can protect their interests in this document. This goes hand-in-hand with how a prenuptial agreement will support your estate plan, as you can outline your children’s inheritance in the document.
You will not, however, be able to waive your right to alimony or make decisions regarding child support and custody in a prenuptial agreement. Further, it is important to keep in mind that people can try to challenge these contracts, though it is often difficult to do so successfully. Under Pennsylvania law, prenuptial agreements may only be considered void if one of the following is true:
- The person did not know about pertinent financial information.
- The person did not willingly sign the document.
- The person did not voluntarily waive the right to knowing pertinent financial information.
Developing a prenuptial agreement is an excellent way for a marrying couple to talk honestly about their financial situations and their future. For more information on this topic, please visit our page regarding pre-marital contracts.