You hope for a lasting marriage, but that may not be an option. When some individuals think of a prenuptial agreement, they think they are planning the end before it begins. However, this is not the case.
A well-crafted prenup helps to protect both parties and to encourage an amicable separation during divorce proceedings. When constructing this agreement, there are a few things to consider.
Timing
As the name indicates, a prenup occurs before the wedding. How far ahead of time should the parties make this agreement? A month to 60 days is usually a decent time frame. This allows both parties enough time to review, dispute and modify the different provisions so they may both be happy with it. Some individuals may even want their attorneys to review the agreement before they sign. As such, it is only fair to allot a decent amount of time for review before the big day.
Account for assets
Both parties should note their personal assets coming into the marriage. It may be beneficial to have both individuals create a financial statement with their own accountants. The accountant can verify the assets and their amounts. This helps to add strong validity to the designation of assets within the agreement.
Solidify the agreement
Though the parties may write an agreement, the courts may not consider it valid. Make sure it abides by the law set forth in Pennsylvania statute in Title 23. Also, after the ceremony, both parties should sign a ratification of the agreement. By ensuring the agreement aligns with the law and is binding, the couple will have a valid prenuptial agreement in place.
These are a few of the main considerations for a prenuptial agreement. Individuals who have specific concerns or requests may add them in the prenup as well. For instance, parents may desire specific wording in regards to their children. Whatever the case may be, it is important for both parties to agree and to fully understand the stipulations they are agreeing to.