Pennsylvania Prenuptial Agreement: What You Should Know
Are you thinking of signing a prenup but struggling with fear of uncertainty? Well, the decision to have an agreement with your future spouse can be intimidating but worth having.
Unlike what the overhyped stigma portrays, a prenuptial contract is a sure safeguard. It offers added security, knowing your property rights and obligations are well-defined. Furthermore, a prenup helps you build trust with your spouse and have open communication about your finances.
Here are five truths about a prenuptial agreement and how prenup works in Pennsylvania.
How Premarital Agreement Works in Pennsylvania
The Pennsylvania General Assembly, Title 23, consists of essential guidelines in premarital rights. Under the paper, a premarital agreement or prenup is a formal contract to be prepared by prospective spouses while contemplating marriage.
When signing a Pennsylvania premarital contract, you should consider the following:
- Put your agreement in writing
- Include only legal terms
- You should sign the prenup
- You should sign a prenuptial agreement voluntarily, without influence or duress
- Notarize your signatures accordingly
- Include a complete financial disclosure from spouses
What You Should Know About Prenups
If you’ve been skeptical about prenups, you have reasons to believe otherwise. A prenuptial agreement isn’t only for wealthy couples. Neither is the contract a recipe for divorce but a critical financial planning tool.
Here’s what you should know about prenups in Pennsylvania:
A Premarital Contract Isn’t for the Wealthy
The need for a thriving and stable marriage has nothing to do with wealth or assets. Therefore, you can have a prenup even if you don’t own substantial wealth. You can still sign an agreement to guide how you’ll invest and grow financially as a couple. As your marital wealth increases, a prenup will help you decide how you’ll want to share the wealth if you part the ways.
A Premarital Contract Protects Spouses
A prenup should be fair to remain enforceable. Thus, it cannot be one-sided but caters to the rights of both spouses.
For instance, if your prenup excludes the provision for alimony and leaves your spouse destitute, the court may invalidate the contract.On the other hand, if your spouse has reasonable income, the agreement may exclude spousal support without being invalidated by the court. These and many more guidelines prove that premarital contracts in Pennsylvania protect both spouses.
A Prenuptial Agreement Can Build Trust
A common misconception about a prenup implies mistrust and lack of confidence in marriage. On the contrary, a well-drafted prenup can come in handy to build trust between you and your spouse. It opens an avenue for open communication about how you’ll handle your finances after marriage.
In addition, a prenup sets expectations for each couple regarding their financial obligations and rights. If, for instance, your future spouse has significant debt from a study loan, you can jointly agree if the debt will form part of your liability when separating.
A Prenuptial Agreement Defines Roles in Marriage
A prenup can clearly define financial roles for every spouse in marriage. For example, if you operate a joint account, you can agree on what to put on joint expenses, investments, and savings, while also retaining some cash for your personal use. Similarly, you can decide who will be responsible for monthly utilities, mortgages, education, and other significant expenses.
You Can Customize a Prenup
Although there are templates for filling out prenups, you have complete control over the terms to include in the contract. Thus, you can customize it according to your unique family preferences. You can focus solely on protecting marital property, securing spousal support, or disposing of separate assets in case of death. You can also include all the terms if you wish.
Do not hesitate to download a free template of the Pennsylvania prenuptial agreement from this page.