With divorce rates higher than most would like to admit, prenuptial agreements or “prenups,” as they are commonly known, have become more popular among couples contemplating marriage. Prenups can be a useful tool to protect assets in the case of a divorce. However, entering into one is a very significant decision, so it is important to understand these agreements and how the law applies to them.
Pennsylvania is an equitable distribution state. This means that during an action for divorce, either party can request that a judge divide the marital property between the parties. Marital property is anything, with few exceptions, that a couple acquires during a marriage, regardless of whose name the property is titled in. The Court will, after a hearing and careful consideration of several factors, allocate the property between the parties based upon what he or she believes to be fair under the circumstances.
However, prenups allow parties to determine in advance, without having to rely on a judge to decide, who is entitled to what property if they divorce. Prenups afford the parties an unparalleled level of control over the division of their marital estate. Indeed, couples have been able to include almost anything they desired in their prenups, and some even choose to get really creative (for example, one agreement prevented a husband from watching more than two football games a month, while the wife was limited to two reality shows a week).
Pennsylvania law does not state specifically what can and cannot be included in premarital agreements; however, certain standard terms found in most prenups include decisions regarding payment of spousal support or alimony and the couples’ own determination as to the division of their assets and debts.
In addition, prior to execution of the agreement, it is important for each party to provide full disclosure of their financial situation to the other. If not, either party may be able to challenge the enforceability of the agreement. Pennsylvania law may further invalidate the prenup if it can be shown that the challenging party did not voluntarily enter into the agreement.
Before executing a premarital agreement, you should consult with an experienced domestic law attorney. If you have any questions concerning premarital agreements or divorce matters in general, please feel free contact one of the experienced divorce attorneys at Tremba, Kinney, Greiner & Kerr, LLC.
Stephanie A. Balest, Esq.
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