Deciding to get married is one of the most exciting and important decisions people make in their lives, but it’s one that unfortunately can lead to serious problems later on if certain issues aren’t carefully considered before the vows are exchanged. One of the more overlooked but essential steps couples need to take before marrying is setting up a prenuptial agreement. Even couples who don’t think they need to do so can benefit from a consultation with a prenuptial agreement law attorney in Allentown, PA.
Why Should a Prenuptial Agreement Be Considered?
Combining households isn’t usually as simple as moving possessions into a home or apartment. The situation decades ago in which young couples left their childhood homes to start a new life together now instead often involves combining blended families and finances. Experts today recommend legally spelling out how financial assets and property is to be divided when the marriage ends due to either divorce or death.
The agreement helps clarify responsibilities each partner has related to children, elderly parents, a financial inheritance or gift, a family business and a multitude of other financial situations. When a prenuptial agreement isn’t in place, the time and money spent as well as the resulting emotional distress can harm the couple as well as children and other extended family members when the marriage ends.
What Is Included in a Prenuptial Agreement?
The components of a prenuptial agreement spell out each partner’s rights and responsibilities related to finances when the marriage ends due to separation, divorce or death. The separation of personal and marital property is one big decision a couple will need to make, particularly if they are marrying later in life. Businesses and inheritances from a family of origin or prior spouses are just two of the types of financial considerations a couple will need to look at. How taxes are handled, and the way debts are distributed if a marriage ends in divorce or separation are also important decisions to consider.
Who Can Help Set Up a Prenuptial Agreement?
A prenuptial agreement law attorney in Allentown, PA can help couples who are ready to marry make sure their assets are properly protected before saying “I do”. Visit Thomas Conrad & Conrad at Conradattorneys.com for more information.