What are the benefits of having a prenuptial agreement?
Most people get married not planning on the possibility of divorce even though the statistics tell us otherwise. If the divorce becomes contentious, deciding how to divide the marital property can become quite complicated, even though Pennsylvania is an equitable distribution state. This means that the courts will divide the property fairly, based on a number of considerations. For those who want to take control of the matter and avoid intervention by the courts, however, having a prenuptial agreement can be beneficial.
A pre-nuptial agreement is entered into before the marriage and specifies each future spouses property ownership and the property rights of each party if they decide to divorce. While some may be hesitant to use these agreements, prenups are currently becoming more widely used. This is so because second marriages and blended families are more common. Moreover, many people seek to protect small businesses as well as gifts and inheritances.
Benefits of a Prenuptial Agreement
The first reason to have a prenup is that the agreement can provide a couple with financial clarity. By having an open and honest discussion, they can determine how their finances will be handled during the marriage. This includes deciding whether to have joint bank accounts, how bills will be paid, and how much of their income should be set aside for saving and investing. Once these questions are answered, a prenuptial can also help a couple plan for how to divide their assets in the event of a divorce.
Because of the intense emotions that often arise in a marital breakup, a prenup can help a couple make rational agreements on how to divide marital property. In addition, a couple can also decide whether or not one spouse will pay spousal support to the other. Lastly, in a divorce, it is essential to protect the children and couples who may enter into a second marriage should strive to ensure their children’s inheritance is protected.
While having a prenuptial agreement can reduce the conflict typically associated with divorce, negotiating an agreement can also raise feelings of mistrust and possibly harm the marriage. For this reason, any couple considering a prenup should engage the services of an experienced divorce attorney who can help to navigate the process and give them peace of mind.