As noted in a recent New York Times article, lawyers have observed an increasing amount of young couples asking, “should I get a prenuptial agreement?” Prenuptial agreements, colloquially known as “prenups”, are traditionally thought of as being only used by high-profile, wealthy individuals. However, they can be useful for any couple getting married. Prenuptial agreements are contracts that bind the couple to terms agreed upon before marriage for marital issues like asset division, support and assumption of debt obligations. Pennsylvania case law has treated prenuptial agreements as binding. As with any legally valid contract, couples are free to enter into agreements so long as there is no fraud, misrepresentation or duress. In the past, prenuptial agreements were viewed with skepticism but they have become more accepted as societal norms (women have higher employment rates and also earn more) have changed.
Entering into a prenuptial agreement with your partner might seem daunting but it can make a lot of sense for young couples. Prenuptial agreements are growing more popular because people are putting off marriage until later in life and people are accumulating more debt and assets before they are getting married. Another example is individuals that have started up businesses that want to maintain their business and its assets/liabilities as separate property. Talking about getting a prenuptial agreement is challenging but it is best to start the process early so you can discuss and adjust the details of the agreement over time. It is a good way to have a discussion about your finances with your partner and will protect you down the road in case things go wrong. Having a prenuptial agreement can save you time and money from having to settle these issues in court during the divorce process. If you have any questions about prenuptial agreements, please contact The THOMAS SMITH Firm, P.C. at email@example.com.
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