No one planning a wedding expects to get divorced. It happens. All marriages end one of two ways: death or divorce.
If there is a significant difference in premartial financial situations (as is the case with high net worth wealthy individuals or young individuals with family wealth or financial interests), it can make sense to negotiate the terms of separation in advance because traditional calculations for the division of assets, spousal support and alimony are often inadequate.
Marriage is a form of business contract. Planning ahead mitigates the risk that you will make a poor decision later, in the heat of an emotional divorce.
A prenuptial agreement (commonly abbreviated as a prenup agreement) is a written contract between two individuals who plan to marry. It establishes the property and financial rights of each spouse in the event of a divorce.
A postnuptial agreement is similar to a prenuptial agreement in that it defines the parties’ respective rights in the event of divorce or death. However, a postnuptial agreement is entered after a couple marries. Postnuptial agreements can also be called a marriage settlement or property settlement agreement.
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If you are considering drafting or being asked to sign a prenuptial or postnuptial martial agreement, speak to one of our lawyers.
Bunde, Gillotti, Mulroy and Shultz attorneys ensure post and prenup agreements are valid and enforceable in the Pennsylvania court system. Our expertise is invaluable when it comes to drafting enforceable agreements.
Contact us for more information.
Bunde, Gillotti, Mulroy & Shultz, P.C.
Suite 500 • Benedum-Trees Building
223 4th Avenue
Pittsburgh, PA 15222