Prenuptial And Postnuptial Agreements
The purpose of prenuptial planning is to spell out exactly what will happen if a marriage dissolves. The agreement typically talks about dividing money and property upon divorce but is also used as an instrument for estate planning in the event of either party’s death.
With so many “sequential” marriages that involve children and grandchildren from prior relationships, prenuptial agreements are becoming more and more acceptable and, in many instances, required as a term under an agreement with a former spouse.
While Pennsylvania does not have a “waiting period” between the time of the signing of the agreement and the date of the marriage, most seasoned attorneys require that the agreement be signed at least sixty (60) days prior to the date of the marriage.
In order for a prenuptial agreement to be valid in Pennsylvania, there must be a “full and fair” disclosure of all assets and liabilities of both parties. This requires an exchange of documents including financial statements, tax returns, appraisals, and the like.
If contemplating entering into a prenuptial agreement, it is important that both you and your intended spouse candidly discuss your philosophies with respect to the agreement prior to consulting with the lawyer.