Prior to marriage, a prenuptial agreement is a written contract that identifies the assets and debts of the parties and specifies each parties’ rights to assets and debts if the parties later get divorced. Prenuptial agreements, also referred to as premarital agreements are often a prudent and practical step to take before entering into a marriage in Philadelphia. With careful planning and proper legal guidance, a prenuptial agreement can be extremely useful for future planning and they are not just for the super rich.
Basics of a Prenuptial Agreement in Philadelphia
A prenuptial agreement is a legal contract that is written and signed by both people who are entering a marriage. A prenuptial agreement should provide a fair and reasonable disclosure of the property or debts of the parties. This is perhaps the most critical aspect of any enforceable prenuptial agreement. Failure to disclose can be a legal basis to set aside a premarital agreement, rendering it unenforceable. Prenuptial agreements often describe future property rights of the parties or their children in the event of a divorce.
Issues to Include in Philadelphia Prenuptial Agreements
Entering into a prenuptial agreement in Philadelphia has many advantages, including protection and assurance about the future. Use of a prenuptial agreement is highly recommended in situations where one spouse brings in a great deal of wealth or property, where one spouse brings in a lot of debt, or where either party enters the marriage with children from a previous relationship.
At The Martin Law Firm, our knowledgeable Philadelphia prenuptial agreement lawyers help our clients to draft effective premarital contracts that cover many issues. Our attorneys can tailor an agreement specific to your needs that covers topics including, but not limited to:
- Inheritance rights for children of a prior relationship
- Clauses for putting each other through college or professional school
- Protection of real estate or an inheritance that one party owns before the marriage
- Non-liability for the other party’s debts
- Provisions for the surviving spouse in your estate plan or through life insurance coverage
- How property acquired during the marriage is to be divided
- Alimony or spousal support decisions
- Retirement benefits
Prenuptial Agreements Drafted with Experience and Sensitivity
Our Philadelphia family law attorneys understand that a marriage is based on trust; however, taking the time to carefully plan and protect your assets can avoid future disagreements. When a divorce does arise, the emotional stress of the situation makes it tremendously difficult for a couple to arrive at a fair division of marital assets and debts. By addressing these issues from the outset, you can establish strong lines of communication and mutual understanding. Our Philadelphia prenuptial agreement attorneys handle these delicate family law matters gracefully and will work with you to draft a fair contract that will provide reassurance to you and your family.
Why Use a Philadelphia Prenuptial Agreement Attorney
Our attorneys are competent and experienced in Philadelphia family law issues. We are skilled in negotiating the sensitive aspects of prenuptial agreements in order to produce a clear and legally enforceable agreement. Each party must have his or her own attorney to best protect his or her interests. If you are interested in hiring our attorneys to represent you in the planning of a prenuptial agreement, contact us today at 215-646-3980.