Younger individuals today are waiting until they are older to marry, and in the meantime, they are accumulating large amounts of wealth in many cases. In other cases, they are accumulating large amounts of debt. For these reasons, it is a good idea for people in Pennsylvania to create prenuptial agreements before they get married in the event that divorce is inevitable for them down the road.
Even though marriage is all about trust and love, in reality, it also involves the merging of assets. When two people get married, they are essentially entering into a contract. Therefore, it only makes sense that certain conditions and terms are established that are favorable to the two parties getting married.
If engaged couples fail to draft prenuptial agreements, then their agreements will essentially be their state’s laws. In Pennsylvania, which is an equitable distribution state, two people who are getting divorced must divide their assets in an equitable, or fair, manner. This means that a judge may give one spouse 60% of the marital assets and the other party 40% of the assets depending on their particular situation. This is a different approach from that taken in community property states, where shared assets are always split 50/50 during divorce.
Drafting a prenuptial agreement may understandably seem awkward for two people who envision themselves staying married for decades. However, divorce can easily happen in the future, and a prenuptial agreement can fortunately make this process run relatively smoothly. An attorney in Pennsylvania can provide the guidance needed to draft a prenuptial agreement that reflects one’s wishes and best interests long term.
