Prenuptial agreements are important legal documents for couples planning to marry. These agreements offer a way to protect assets, clarify financial responsibilities, and establish terms for various aspects of marriage. Please continue reading and reach out to the seasoned Pennsylvania prenuptial agreement lawyers at Berman Voss to learn more about what your prenuptial agreement can cover.

How Does a Prenuptial Agreement Protect My Assets?

A prenuptial agreement can safeguard individual assets. Before marriage, individuals often have properties, savings, or investments. Pennsylvania law, specifically the Pennsylvania Uniform Premarital Agreement Act (23 Pa. C.S.A. § 3106), allows for these assets to be protected. This law ensures that assets listed in the agreement remain separate property. By doing so, it prevents them from being subject to division during divorce proceedings.

In the absence of a prenuptial agreement, assets acquired before marriage could be considered marital property. This means they might be divided equitably but not necessarily equally. Including a detailed list of assets in the prenuptial agreement can prevent disputes. This clarity is especially important for high-net-worth individuals. For example, family heirlooms or significant financial investments can be preserved as separate property.

Can a Prenup Determine Spousal Support?

Yes, a prenuptial agreement can establish terms for spousal support. Couples can agree on the amount, duration, and conditions under which support will be provided. Such provisions offer financial predictability and security.

However, Pennsylvania law requires that these provisions be fair and reasonable. The court may review the spousal support terms during divorce proceedings. If deemed unconscionable or unjust, the court can modify or set aside the agreement. It is essential that both parties fully disclose their financial situation before signing. Lack of disclosure can render the agreement invalid. Berman Voss recommends that both parties seek independent legal counsel. This ensures that their rights and interests are adequately protected.

How Can a Prenup Protect Business Interests?

Protecting business interests is another critical aspect of prenuptial agreements. Entrepreneurs and business owners often face unique challenges in divorce. Without a prenuptial agreement, business assets can be subject to division. This could impact the business’s viability and operations. A well-drafted prenuptial agreement can address these concerns.

The agreement can specify that the business remains separate property. It can also establish terms for managing business interests during the marriage. For instance, it can define the roles and responsibilities of each spouse in the business. Additionally, it can outline how business income and profits will be handled. In the event of a divorce, the prenuptial agreement can dictate how the business will be valued and what percentage, if any, the non-owning spouse will receive.

For professionals and business owners, this protection is invaluable. It ensures that their hard work and investments remain secure. Berman Voss has extensive experience in drafting such agreements and can tailor the agreement to meet specific business needs and goals.

If you have further questions or would like to speak with an attorney about drafting a prenup, simply contact Berman Voss today.