Premarital and Post Marital Agreements

Who should have one?

• Are you likely to receive or have you received a substantial gift or inheritance?
  
• Have you been married before?
  
• Do you want to protect your children from a prior relationship or marriage?
  Have you worked hard to establish your career and want to be sure that you are entering into a long-lasting relationship without jeopardizing what you worked so hard to acquire if it does not work out?

Premarital or antenuptial agreements are agreements between prospective spouses made in contemplation of marriage and intended to be effective upon marriage. Post marital agreements are agreements made after marriage. Premarital agreements and post marital agreements are valid and binding agreements and are subject to the same rules. They are designed and intended as a roadmap to address “what if” the parties end up in divorce. To be valid in Pennsylvania, a prenuptial or postnuptial agreement requires that each party have separate legal counsel or at least an adequate opportunity to discuss the terms of the agreement with separate legal counsel and to understand the terms of the agreement before execution. These types of agreements may be set aside as invalid if found that a party did not execute the agreement voluntarily or if, before execution of the agreement, there was not a fair and reasonable disclosure of property and financial obligations or a voluntary and express waiver, in writing, of the right to any such disclosure, and insufficient knowledge or information about the property or financial obligations of the other party.

Advantages of a Premarital or Post Marital Agreement:

1. Keep your income as your separate property.
2. Protect yourself from your spouse’s debts and creditors.
3. Protect your children from a prior relationship or marriage.
4. Protect your business or real property interests.
5. Prepare a plan for specific property division in the event of divorce.
6. Create a plan for your finances during your marriage, including whether you will have separate or joint bank accounts, whether you will file joint or separate tax returns, and who will be responsible for paying the mortgage and other bills of the family home.

Disadvantages of a Premarital or Post Marital Agreement:

1. Not helpful for nonfinancial matters, including custody and parenting.
2. Can be unfair, depending on how they are drafted.

Premarital Agreement Problem? We can Solve It.

Angela F. Stevens, Attorney at Law is a full-service law firm with offices serving the Wilkes-Barre, Kingston and all of the Wyoming Valley including Luzerne, Lackawanna, Wyoming and surrounding cities. We are available Monday through Friday from 8:00 a.m. to 5:00 p.m. and evenings and weekends by appointment. Feel free to call us toll free at 1-844-PA-SOLVE (1-844-727-6583), 570-718-4900 or contact us online to tell us about how we can help with your questions regarding premarital and post marital agreements.