As people await the much anticipated white smoke to appear for the selection of the new Pope, another anticipated event comes around this time of year. Wedding season is upon us, and although most couples feel a conclave of Cardinals might be necessary to select the wedding gown, flowers, food, and music, couples should also make a careful reflection on whether they need a prenuptial agreement.
Prenuptial agreements are a great planning tool which allows couples to protect their premarital assets and decide how to divide the assets they have accumulated during the marriage in the event of divorce. A prenuptial agreement provides a road map to avoid costly litigation in determining how assets should be divided in the event of divorce. In Pennsylvania, the court must divide marital assets equitably, not equally. Spouses often disagree what is equitable which leads to further litigation.
A prenuptial agreement allows the perspective newlyweds to determine whether their marital assets will be divided equally or whether one spouse may receive a lump sum distribution instead of going to court. Additionally, prenuptial agreements are a great way to protect premarital assets from debt of the other spouse, children from a first marriage and financially dependent spouses in the event of divorce.
Couples should give ample time to collect their financial information and discuss the terms of an agreement with their attorney before saying their vows. During this wedding season, advanced preparation of the wedding details should include a prenuptial agreement just in case the marriage goes up in smoke.
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