What You Need to Know About Pre-Marital Agreements

Definition & meaning

A pre-marital agreement, also known as a prenuptial agreement, is a legal contract created by two individuals who plan to marry. This document outlines each person's property and debts, establishing their rights regarding these assets in the event of a divorce. It often addresses how property will be divided and whether alimony will be paid after separation.

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Legal use & context

Pre-marital agreements are primarily used in family law. They help couples clarify financial expectations and responsibilities before marriage, potentially avoiding disputes later on. Users can manage the creation of these agreements through legal templates available from services like US Legal Forms, ensuring that the documents meet legal requirements.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A couple planning to marry decides to create a pre-marital agreement. They list their individual assets, including a house and retirement accounts, and agree on how these will be divided if they divorce.

Example 2: A business owner enters into a pre-marital agreement to protect their business assets from being divided in a potential divorce. (hypothetical example)

Relevant laws & statutes

In Pennsylvania, the relevant statute is 23 Pa.C.S. § 3106, which defines a pre-marital agreement as an agreement made between prospective spouses in contemplation of marriage, effective upon marriage.

State-by-state differences

State	Key Differences
California	Pre-marital agreements must be fair and fully disclosed.
New York	Must be in writing and signed; oral agreements are not enforceable.
Texas	Agreements can include provisions for property division and spousal support.

This is not a complete list. State laws vary, and users should consult local rules for specific guidance.

Common misunderstandings

Many believe pre-marital agreements are only for wealthy individuals. In reality, they can benefit anyone by clarifying financial responsibilities.
Some think these agreements are only enforceable if signed before marriage. However, they can be amended after marriage as long as both parties agree in writing.
Another misconception is that pre-marital agreements are unromantic. In fact, they can foster open communication about finances, which is essential for a healthy marriage.

What to do if this term applies to you

If you are considering a pre-marital agreement, start by discussing your financial situation openly with your partner. It may be beneficial to consult a legal professional to draft an agreement that meets your needs. You can also explore US Legal Forms for ready-to-use templates that simplify the process.

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Quick facts

Must be in writing and signed by both parties.
Effective upon marriage.
Can be amended after marriage through mutual agreement.
Helps avoid litigation costs in case of divorce.
Can protect family and business assets.