Protect Yourself (and Your Property) with a Prenup

            If you listened to hip-hop music or pop radio in the mid-to-late 2000s, you no doubt heard Kanye West’s song “Gold Digger,” in which he hollers, “We want prenup. We want prenup!”

What exactly is a prenup?  A prenuptial agreement, sometimes called a “prenup,” is an agreement between future spouses regarding their marriage.  It may spell out how to address property and assets, as well as support obligations, in the event of the dissolution of their marriage.  When a marriage ends, the property and assets owned by both spouses, individually or jointly, comprise the marital estate.  The Court then considers a list of 11 factors in determining how to distribute the marital estate between the spouses and will also decide whether the property is non-marital.

The parties will likely engage in discovery to develop a clear understanding of what each spouse owns.  The discovery process may be lengthy, time-consuming, and costly.  When parties go through the discovery process and an equitable distribution hearing, they may risk depleting a portion of their assets on attorney and expert fees.

On top of discovery and equitable distribution, a divorcing couple is likely to encounter a claim for spousal support and/or alimony. Litigating these claims adds to the overall cost of a divorce and typically increases the level of discord between the parties.

This unnecessary financial cost and emotional toll of litigation can be avoided by entering into a prenup which specifies the assets and debts of each spouse as they enter the marriage, which assets the couple wishes to split should they divorce, and on what percentage, whether the spouses will be jointly responsible for individual debts, and any support one party may pay to the other or maybe that both spouses are waiving their right to file for support.

So, what makes a prenup valid in Pennsylvania?

 The answer is surprisingly simple, your prenup must be in writing and signed by both parties. So please take all the content discussed above, get them in writing, and ensure both parties sign. Do you need an attorney for this? The attorneys in us say yes, but it can be a DIY, depending on your situation. If you hire an attorney, the best thing you can do is hire separate counsel to negotiate the best agreement possible.

Now, sure, the thought is, but attorneys are expensive. So, just how much does a prenup cost? Well, that depends. However, expect to pay around $1,5000 per party if the assets, finances, and other factors are simple. Again, this process is situation-driven.

Prenuptial agreements are highly customizable and should be tailored to your needs.  If you’re already married, you can still protect yourself by negotiating a postnuptial agreement with your spouse, but that is a topic for another day.  The Skeen Firm offers Everyday Legal Advice and welcomes the opportunity to discuss a prenuptial or postnuptial agreement with you.