Prenuptial Agreement Services in Pennsylvania
At Colgan & Associates, our family law attorneys provide diligent representation and analysis for negotiating, drafting, and enforcing prenuptial agreements – officially called premarital agreements in Pennsylvania law. You can rest assured that your prenup is legally sound and your rights are protected.
What is a Prenuptial Agreement?
A prenuptial agreement is a legal contract entered into by a couple before they get married. Its purpose is to establish the financial and property rights of each spouse in the event of a divorce or death of one of the spouses.
Prenuptial agreements typically outline how assets and debts will be divided in case of divorce, as well as how property acquired during the marriage will be distributed. They can also address issues such as spousal support (alimony) and any other specific arrangements the couple wants to make regarding their finances.
The benefits of a prenup
Many people believe that prenups only make sense for the wealthy, however, the agreement has a more extensive use with several benefits.
- Protection of premarital assets
- Clarity on financial rights and responsibilities
- Avoiding costly litigation in the event of a divorce
- Preserving family wealth
- Protecting future inheritances
- Clarity for blended families
Legal Requirements of a Prenup in Pennsylvania
To be enforceable in Pennsylvania, a prenuptial agreement must meet certain legal requirements:
Voluntary Agreement
Both parties must enter into the agreement willingly without any form of coercion. This means that neither party should feel pressured or forced into signing the agreement. Any indication of duress, undue influence, or coercion can make the agreement invalid. It is important that both parties have ample time to consider the terms and seek legal counsel before signing.
Full financial disclosure
Both parties must fully disclose their financial situation, including all assets, debts, income, and liabilities. This transparency ensures that each party is making an informed decision about the agreement. Failure to provide a complete and honest disclosure of financial information can result in the prenuptial agreement being set aside by the court.
Fair and reasonable
The agreement must be fair and not excessively one-sided at the time of signing. This means that the terms should not be so favorable to one party that they become unconscionable. Courts may review the agreement to ensure it is equitable and that neither party is left in an unjust or extremely disadvantageous position as a result of the agreement.
In writing and with proper execution
The prenuptial agreement must be in writing and signed by both parties. Oral agreements or agreements that are not properly documented and executed will not be enforceable. Proper execution typically means that the agreement is signed in the presence of a notary public or witnesses, ensuring that the signatures are genuine and that both parties understand the terms they are agreeing to.
Separate legal representation
Both parties should consult with separate legal counsel when drafting and negotiating a prenuptial agreement to ensure that their rights and interests are protected. Additionally, it’s advisable to execute the agreement well in advance of the wedding date to avoid any appearance of coercion or last-minute pressure.
Get Experienced Legal Advice
Contact our prenuptial agreement lawyers serving South Central Pennsylvania for comprehensive legal counseling to draft and negotiate a premarital agreement. Book a free consultation.
