Prenuptial Agreements: What You Should Know
Sept. 16, 2022
While no one ever enters into a marriage expecting it to fail, the truth is that many marriages do. In 2021 there were 2,231 divorces and annulments in Allegheny County according to the Pennsylvania Department of Health. Over the years, your relationship will change, and it may change in unexpected ways. A prenuptial agreement can help you protect your future if you find yourself in a situation that you never expected to be in.
Our attorneys at Iwanyshyn & Associates will handle your case with respect and dignity. We prioritize a cooperative approach that puts your best interests first, and we have the necessary experience to help you protect your assets. We proudly represent clients in Allison Park, Pennsylvania, as well as Pittsburgh, Wexford, Cranberry, and Gibsonia.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between two people who are planning on getting married that describes how their finances will be handled if they were to divorce. It answers questions about issues such as how assets (and debts) would be divided, rights to inheritances or gifts, spousal support (alimony), rights to insurance policies, and more.
While a prenuptial agreement will settle most financial questions, it cannot include provisions for temporary alimony paid while a divorce is pending or provisions for child support. Similarly, it cannot dictate the religious upbringing of the children or how child custody will be determined.
If your circumstances change, it may be possible to modify your marital agreement. Speak with a knowledgeable family law attorney to learn more.
Who Should Get One?
Who should get a prenuptial agreement? The answer depends on your financial circumstances and on your plans for your estate. A prenuptial agreement will benefit some couples more than others. Specifically, a marital agreement can protect you if:
You earn more than $100,000 annually
You own more than $50,000 worth of assets
You own real estate
After you die, part of your estate will go to someone other than your spouse
One spouse plans to work while the other pursues a degree
Asset protection may be critically important for your future. Take the time now to understand how your assets may be impacted in a divorce.
The Truth About Marital Agreements
While it may seem overly cautious to enter into a prenuptial agreement, the truth is that this type of contract can protect you in several key ways.
First, a prenuptial agreement draws clear boundaries, making your life easier in the long run.
Second, the agreement provides you and your fiancé with a valuable opportunity to have an important conversation about what’s important to each of you.
Lastly, if something changes down the road, a prenuptial agreement can protect you legally.
Making Sure It’s Enforceable
Should I sign a prenuptial agreement? The answer depends on whether or not the agreement is both fair and legally enforceable.
Establishing a prenuptial agreement that’s legally enforceable requires careful consideration of the law. Both spouses must voluntarily agree to the contract. The prenuptial agreement must not be one-sided, and it must be accurate. For example, if one spouse misrepresents their assets, that could be grounds for a court to dismiss the agreement.
How Iwanyshyn & Associates Can Help
By acting with caution now, you can protect yourself in the future in the case that your life circumstances change. An open and honest conversation before marriage can prevent serious problems from arising during a divorce.
With the help of a knowledgeable prenuptial agreements attorney, you can protect your assets down the line. Our team at Iwanyshyn & Associates has the resources you need to confidently take the next step forward. We feel honored to serve clients in Allison Park and the rest of Pennsylvania, including Pittsburgh, Wexford, Cranberry, and Gibsonia. Contact our firm today to schedule a consultation.