Prenuptial agreements can represent a very important step to take before marriage to protect a family business or other assets, should the union end in divorce. Such agreements also establish the guidelines for dividing assets and debts and dictate terms such as alimony.
The Basics of Prenups
A prenuptial agreement, or prenup, is an agreement made between prospective spouses that becomes effective upon marriage. The topics covered in one include the right to property, gifts or inheritances, family business management, spousal support/alimony, and other economic matters. Prenups may not address child custody or child support.
The Benefits of Prenups
Prenups can reduce the expenses, time and emotional turmoil that is often part of the uncoupling process. The agreement clearly outlines how all assets and property will be divided.
Can You Specify “No Alimony” in a Prenup?
Things that can be outlined in a prenup include the amount and/or duration of alimony that will be paid upon divorce, or even that neither party will seek alimony or spousal support after the split. Prenups can include language specifying that each party will pay their own attorney's fees in the event of the divorce, or that one party will pay a set amount of attorney's fees for the other party.
It also can specify some other aspects of spousal support. For example, if you earn significantly more than your partner, you can limit the alimony that you will pay or set time limits on how long the marriage must last before alimony is paid.
In every union, it is important to protect yourself and your current and future assets. To learn more about the terms and requirements for a prenuptial agreement in Pennsylvania, speak with a top Pennsylvania divorce attorney. Contact us at 215-340-2207 or email firstname.lastname@example.org.