Whenever celebrities or highly influential individuals go through a divorce, it is often asked whether they have a prenuptial agreement with their spouse. Seldom do we ask if there is a postnuptial agreement. Many residents in Philadelphia do not know the differences, pros and cons of both. How do you know which is right for you and your spouse?
Before marriage contracts are Prenuptial agreements
A prenuptial agreement is the most popular term used for marital agreements. This is a written contract created before marriage. In this document, it is decided what assets belong to which spouse in the case of a divorce. These agreements may not be the final word, as courts can find certain terms unenforceable. Prenuptial agreements are beneficial as they can prevent a debt-free spouse from assuming the others obligations, documenting and protecting your separate property and potentially avoid court involvement with property distribution in the case of a divorce.
Contracts written after marriage are Postnuptial agreements
A postnuptial agreement is a written contract executed after a couple has married, to settle the couple’s assets in the case of a divorce. These agreements have become much more popular in Philadelphia and are often used to preserve existing marriages. They can cover a wide range of issues, such as which spouse’s family visits during holidays, how much can be spent on vacations or recreational activities, or even dividing up housework and chores. Postnuptial agreements are a great tool for couples in Philadelphia wanting to avoid divorce but are struggling.
Each case is unique, so finding an experienced professional will help you understand whether a pre or postnuptial agreement would be beneficial for your situation.
The attorneys at Sadek and Cooper Law Offices have handled hundreds of divorces in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation.