A marriage is a joyous occasion, with promises of forever, but it’s also important to consider the practical aspects of a lifelong, life-changing commitment. As society’s previously antiquated concept of marriage is evolving, prenups have become more of a common discussion, even for couples without considerable assets. A prenuptial agreement, often called a “prenup”, is a legal document that outlines the distribution of assets, property, and financial obligations upon divorce or death. Think of it as a roadmap for the potential financial complexities if the marriage ends. Prenuptial agreements are especially useful for business owners entering into a marriage to ensure that the lines of ownership don’t begin to blur, creating a complicated legal maze that both parties would have to contend with.
While discussing a prenuptial agreement – both with your soon-to-be spouse and a lawyer – can seem daunting, it’s a responsible step toward ensuring that you and the person you love are protected going forward. The experienced prenup lawyers in Philadelphia at Cooper Family Law are ready to guide you through the process. Proudly serving Philadelphia, Montgomery County, Bucks County, and beyond, count on us to be your steadfast allies in ensuring that your future and your fiancé’s future are protected.
1. What is the Purpose of a Prenuptial Agreement?
This question is vital, as it serves a dual purpose: it ensures both you and your soon-to-be spouse understand the reason you’re entering into such an agreement, and it offers insight into your attorney’s philosophy surrounding prenuptial agreements. Your attorney should underscore that a prenuptial agreement is fundamentally a proactive and protective measure to establish the individual financial rights and responsibilities of each party in the event the marriage ends – and is not a sign of mistrust or cold feet. A well-drafted prenup can provide clarity, avoid a very complex divorce process, and prevent unnecessary disputes during a challenging time.
2. What Assets and Debts Should We Address?
Your lawyer will evaluate both parties’ financial circumstances and guide you through the process of documenting the assets and debts that should be covered in the prenuptial agreement, including bank accounts, investments, businesses, real estate, tangible items, and any outstanding debts. Full disclosure and transparent communication are essential to maintain the enforceability and integrity of the prenuptial agreement.
3. How Do We Account for Future Earnings and Assets?
Discussing the distribution of future assets openly and honestly is crucial, especially if one or both parties anticipate an increase in income or the acquisition of additional assets once married. Your lawyer can help structure your prenup to account for these potential changes.
4. Should Our Prenuptial Agreement Address Spousal Support?
Determining whether spousal support should be a part of the prenuptial agreement is an important consideration that ultimately is left to the couple. There are advantages, such as knowing protections are in place and not leaving the decision to a judge, and disadvantages, such as less flexibility and difficulty accounting for a future change in circumstance. Some couples choose to include spousal support in their prenuptial agreement, while others leave the decision to be made in the event of a divorce. However, not including spousal support provisions in a prenuptial agreement doesn’t waive a spouse’s right to support in any future divorce proceedings.
5. What Happens in the Event of Death?
While prenuptial agreements primarily focus on divorce, it’s essential to address what happens in the event of either spouse’s death. Your lawyer can help you evaluate whether certain provisions, such as inheritance and life insurance, should be addressed in the prenuptial agreement, and what issues are better suited for your estate plan.
6. How Do We Ensure Enforceability?
To ensure that a prenuptial agreement is enforceable, both parties need to agree willingly, with full knowledge of the implications of entering into a prenuptial agreement. Enforceability hinges on a full disclosure of assets, debts, and income, and anything less can cause serious issues with enforceability. Because of this, having representation for each party is advisable to ensure that there isn’t a question of one party being taken advantage of. Additionally, the agreement should be executed a fair period before the wedding day to avoid any implications of coercion.
Schedule a Consultation with a Philadelphia Family Law Attorney
Drafting a prenuptial agreement is a pragmatic and responsible step in preparing for marriage, keeping you and your loved one protected from the start. By asking these vital questions and seeking guidance from an experienced prenuptial agreements attorneys in Philadelphia, you can create an agreement tailored to your unique needs, providing a solid foundation for a secure future. Open communication and transparency are key to a successful prenuptial agreement, ensuring both parties feel protected and understood before embarking on life’s greatest journey: marriage.
Cooper Family Law is here to help, serving as your compassionate ally every step of the way. We pride ourselves on providing fair, comprehensive services, driven by experience and compassion. We proudly serve the people of Greater Philadelphia, with four accessible locations. Contact us today!
