Contrary to popular belief, asking for a prenuptial agreement isn’t an indication that you think your marriage is going to fail. Instead, it can be an effective way to protect an ownership interest in a Pennsylvania business or other assets that you acquired before getting married.
Prenuptial agreements can be seen as an insurance policy
You typically don’t assume that you’re going to get sick or be involved in a car crash, but this probably doesn’t stop you from buying health or auto insurance. Creating a prenuptial agreement simply ensures that your assets go where you want them to go if your marriage ends for any reason. It is not an indication that anything is wrong with the relationship or that it is doomed to fail in the future.
Who needs a prenuptial agreement?
While anyone can benefit from such an arrangement, prenups can be especially helpful for business owners or those who have children from a previous marriage. This type of agreement can be structured so that your child still receives his or her inheritance after a divorce or that you maintain equity in your company. Prenups can also be ideal for those who have a significantly higher net worth than their spouses. Ultimately, a prenuptial agreement can be seen as a powerful estate planning tool in addition to one that can make the divorce process much easier.
When created properly, prenuptial agreements may be able to specify how joint assets are divided in a divorce. They may also specify which assets qualify as joint property and how they should be allocated. This type of document might be used to determine if either party is eligible for alimony. However, prenuptial agreements cannot be used to resolve issues related to raising or caring for a child.
