Considering A Prenuptial Agreement? Our Experienced Attorneys Are Here To Help
With the rise in divorce rates, our divorce lawyers are frequently asked to draw up prenuptial agreements prior to a marriage. A prenuptial agreement provides couples with a road map for how assets will be divided in the event of divorce or death. These agreements can also address the payment of alimony and spousal support. Prenuptial agreements are particularly sought out by individuals with significant assets and income.
At Astor Weiss Kaplan & Mandel LLP, our attorneys are ready to help you create a customized prenuptial agreement that protects both you and your future spouse in the event of divorce. After reading more about these agreements below, feel free to contact us to discuss your options.
An Agreement Can Work Around Pennsylvania Property Division Laws
One of the goals of a prenuptial agreement is to exclude assets from the marital estate that Pennsylvania law treats as marital. Under Pennsylvania law, the increase in value of premarital property during the marriage is considered marital property. By way of illustration, if an individual’s premarital stock account is worth $200,000 at the date of marriage and during the marriage it increases in value by $100,000 through market fluctuations, the $100,000 increase in value during the marriage is considered a marital asset.
The original $200,000 is treated as a premarital asset. A prenuptial agreement could provide that any increases in value of premarital assets are not to be considered marital assets, regardless of what Pennsylvania law provides. Therefore, the $100,000 increase in value of the premarital stock account mentioned above would be excluded from the marital estate.
Making Divorce More Financially Predictable
Another goal is often to eliminate or limit the alimony and spousal support obligation of the financially superior spouse. Prenuptial agreements can provide that both parties waive the right to receive support from the other. They can also provide restrictions on the amount and the duration of any spousal support and alimony obligations.
Still another goal is to determine what happens with the marital residence upon divorce or death of a party. The agreement can provide that the marital residence gets sold or it can provide that one party can keep the residence and pay to the other party his or her share of the equity in the residence.
Prenuptial agreements are often advisable for individuals entering into a second marriage. They are often looking to protect assets for children from prior marriages or relationships. Prenuptial agreements are also recommended for individuals who want to protect family businesses and trust income.
It is always best for both parties to the agreement to be represented by separate and independent counsel. Prenuptial agreements can be somewhat complicated. To ensure that your rights and obligations are fully protected and understood, you should obtain independent counsel.
How Can We Help You? Contact Us To Discuss Your Legal Needs.
Whether you are seeking legal counsel to create a prenuptial agreement or you need to review an agreement presented to you, contact the family and divorce lawyers at Astor Weiss Kaplan & Mandel LLP, in Philadelphia. We serve all local counties. You can reach us online or call 215-790-0100.