Postnuptial agreements are contracts made between spouses after their marriage, which outline the division of property, spousal support, and other matters in the event of separation or divorce. While prenuptial agreements are more popular, postnuptial agreements are becoming increasingly common in Pennsylvania, as couples recognize the need to protect their assets and plan for the future.
A postnuptial agreement can address a variety of issues, including how property acquired during the marriage will be divided, how debts will be allocated, and whether alimony will be paid, and if so, how much and for how long. It can also address issues related to child custody and support, although these issues are often addressed in a separate agreement or court order.
One of the advantages of a postnuptial agreement is that it allows couples to address issues that may have arisen after the marriage, such as a change in financial circumstances, a change in employment status, or the birth of a child. A postnuptial agreement can also help couples avoid costly and time-consuming litigation in the event of divorce.
In Pennsylvania, a postnuptial agreement must meet certain legal requirements to be enforceable. First, it must be in writing and signed by both parties. Second, both parties must have a clear understanding of the terms of the agreement and have the opportunity to consult with an attorney. Finally, the agreement must not be unconscionable or unfair to one of the parties.
It is important to note that a postnuptial agreement cannot be used to waive a spouse`s right to spousal support, nor can it be used to limit child support obligations. Additionally, the agreement cannot be used to waive a spouse`s right to a share of marital property, although it can be used to specify how that property will be divided.
Overall, a postnuptial agreement can provide peace of mind and security for couples in Pennsylvania, as they plan for the future and protect their assets. It is important to consult with an experienced attorney who can advise on the legal requirements and draft an agreement that meets your specific needs and circumstances.