A prenuptial agreement--also referred to as an antenuptial agreement or a premarital agreement--is a contract entered into by a man and woman before they marry. The agreement usually describes what each party's rights will be if they divorce or if one of them dies. Premarital agreements usually outline the property and support, if any, which each party will be entitled in the event of divorce or death. Although prenuptial agreements can be binding on issues of division of property and alimony, they are not binding on issues of child custody or on child support.
Reasons for Prenuptial Agreements
A man or woman who wants a future spouse to sign a prenuptial agreement often has something he or she wants to protect. One or both potential spouses may want to avoid the risk of a major loss of assets, income, or a family business in the event of a divorce. People marrying for a second or third time also might desire to make sure that certain assets or personal belongings are passed on to the children or grandchildren of prior marriages rather than to a current spouse.
On the other hand, there are times when a prenuptial agreement may not be necessary, but some good premarital advice could be used. Approximately fifty-five percent of all marriages end in divorce. Marriage is a contract that involves many financial decisions along the way. Our office can help guide you to make good financial decisions during your marriage contract. Contact us before you tie the knot!
Postnuptial Agreements
Postnupital agreements also known as postmarital agreements are agreements entered into after a marriage has taken place, but before the parties seek to end their marriage. As with premarital agreements, one or both of the parties usually is seeking to protect assets or income in the event of divorce or death.
Validity of Prenuptial and Postnuptial Agreements
In Pennsylvania, prenuptial and postnuptial agreements are considered the same as any other contract parties may enter into and, therefore, are presumed to be valid and enforceable. This presumption can be overcome only if clear and convincing evidence is presented that there was not a full and fair disclosure of assets and liabilities at the time of the agreement, or that the agreement was procured through duress, misrepresentation, or fraud. In fact, prenuptial and postnuptial agreements are valid and enforceable even if one spouse or prospective spouse does not retain an attorney to review the agreement before they sign the agreement.
