Experienced Prenuptial Agreement Attorneys
Most people enter into marriage with the intention of fostering a lifelong union. While 50% of marriages in America today last long-term, the remaining half unfortunately result in divorce. At Repko Law, LLC, our experienced lawyers have drafted prenuptial agreements for clients who are ready to commit to being married, as well as postnuptial agreements for people who are already married but concerned about the financial effects of divorce. In either scenario, developing such agreements is a precautionary measure that will help you and your spouse maintain financial honesty and establish clarity, guidelines, and expectations in the event of a divorce.
What Is a Prenuptial Agreement or “Prenup”?
A prenuptial agreement, commonly referred to as a “prenup,” is a legal document that partners enter into to determine if and how assets and income will be divided in the event of divorce, separation, or death. A prenuptial agreement determines how financial worth will be distributed if the marriage ends, rather than leaving those difficult decisions up to the court. The agreement also helps preserve the distribution of property, allowing separate spousal properties to remain separate or go to certain children, rather than being subject to community property or equitable distribution.
Similar to a prenuptial agreement is a postnuptial agreement, which couples enter into after they are married for the same reasons, and to achieve the same benefits, as a prenuptial agreement.
What Should Go Into a Prenuptial Agreement?
There are many details to consider when drafting a prenuptial or postnuptial agreement. Before such agreements are prepared by a lawyer, each party much provide a list of current assets, debts, and incomes. Any known health issues must also be disclosed. Thereafter lawyers can draft and customize prenuptial and postnuptial agreements to address and protect a client’s preferences and concerns. Such agreements may include the following assets and debts:
- Marital Property
- Credit Cards and Debt
- Nonmonetary Contributions
- Spousal Support and Alimony
- Gifts from Families
- Higher Education
- Business Ownership
In addition to these assets and debts, prenuptial and postnuptial agreements may also include clauses about:
- Management of Assets and Income
- Duration of Premarital Agreement
- Death or Disability Estate Plan
- Fault Considerations
How Common Are Prenups?
Prenuptial agreements are growing in popularity. According to a 2013 survey, 63% of the 1,600 members of the American Academy of Matrimonial Lawyers reported an increase in prenuptial agreements over a three-year span.1
The same survey attributes the rise in popularity to the millennial generation that settles down later in life and enters into marriage contracts while already possessing assets and financial worth.
The most commonly covered details in prenuptial agreements include protection of separate property, alimony, spousal maintenance, and division of property, while the least commonly covered details include health insurance and occupancy of second homes.
What Are the Benefits of a Prenuptial Agreement?
Prenuptial and postnuptial agreements are precautionary measures that consider the financial interests and rights of each spouse. For individuals entering a marriage with assets or income of their own, the benefits of drafting a prenuptial agreement are significant. In addition to helping override or enforce state laws in the event that a settlement cannot be reached, or the disposition of assets enter a gray area, such agreements can also:
- Protect the inheritance rights of children and grandchildren
- Protect the interests of a business or professional practice
- Protect the debt-free spouse from assuming the other’s obligations
- Limit the amount of spousal support one spouse will have to pay
- Protect the financial interests of older persons who are entering a subsequent marriage
As experienced prenuptial and postnuptial agreement attorneys serving Bucks County and Montgomery County, Pennsylvania, including Doylestown, PA, we would like to congratulate you on your nuptials and wish you a lifetime of happiness. We also invite you to contact Repko Law, LLC if you are seeking to establish a foundation of long-term financial honesty so that we can help draft your prenuptial or postnuptial agreement.