O
INDUSTRY INSIGHT
FAMILY LAW
ver the past three years or
so, we are seeing more and
more requests for prenuptial
and postnuptial agreements.
Why are the numbers rising? For pre-
nups, couples are starting to see how
important these documents can be to
protect their pre-marital assets, debts
and earning power. However, for post-
nups, with many parents choosing
whether to work or stay home to raise
the children, postnuptial agreements are
on the rise.
Prenuptial agreements. Whether
we are talking about the possibility
of a divorce or death during a future
marriage, pre-nups can be very useful
in saving couples time, money and
heartache later on. Of course, everyone
wants to believe that they would never
get divorced as they are picking colors for their bridesmaid gowns,
but we have to be realistic, practical and logical because none of us
knows what the future holds. Pre-nups can lay out who gets what
asset, if support will be paid and for how long (think alimony), what
happens if you buy something together with pre-marital money, and
numerous other scenarios in the event of divorce or separation.
The common perception of prenuptial agreements is that they
are for people who think their
marriage will fail or for people
who are rich and marry gold
diggers. However, no matter
how little you have, it is a good
idea to get an agreement in
writing while your relationship
is good and communication is
free- flowing, rather than deal
with it when you aren’t talking
or by paying lawyers to do the
talking for you. Look at it as a
learning experience for having
uncomfortable conversations,
and as your first responsible act
in contemplation of marriage
besides picking the cake flavor.
Getting a pre-nup drafted
tends to be much cheaper than
litigating a divorce.
Pre-nups can also cover
what happens in the event of
separation or a death with regard
to certain assets. This can be
especially important in second
marriages with children from a
first marriage. Most importantly,
have the pre-nup process
completed well in advance of a
wedding. You don’t want to start
off your marriage signing papers
at your rehearsal dinner or at the
altar.
SPONSORED CONTENT
Postnuptial agreements. What is
a postnuptial agreement anyhow?
Spouses can create a postnuptial
agreement for a variety of reasons
including career change, separation,
asset purchase, starting a new company,
and adultery among others. Of course, it
still takes both spouses to agree to this
and it is not negotiated in contemplation
of marriage.
First, there needs to be some
protection in place for a spouse who
leaves his/her career to become a stay-
at-home parent. After all, if a divorce
comes down the pike, that stay-at-home
parent will likely have to re-enter the
workforce after years of not working,
where he/she may have given up tenure,
allowed licenses to lapse and skills to get
rusty, etc., or perhaps that parent gave
up his/her education to follow his/her spouse’s career moves.
Having a post-nup outlines what will happen in a separation or
divorce to allow for support or a living situation until that spouse
gets a similar job back. If there’s a romantic or financial infidelity in a
marriage, a post-nup helps define who gets what if you don’t end up
reconciling, and locks down both spouses’ rights and responsibilities.
There could even be a start-up company one spouse invests in and
the other does not want to be
on the hook for any debts or
liabilities related to the new
business venture.
Regardless of the trend, just
like pre-marital counseling, a pre-
nup should be on the checklist
before saying “I do.” If you
missed the boat on a prenuptial
agreement, there is always
the possibility of a postnuptial
agreement so that you and your
spouse are on the same page for
the duration of your marriage.
Above all, you should consult
with an attorney to discuss how
a prenuptial or postnuptial
agreement can work for you.
INCREASING TREND IN
PRE‑NUPS AND POST‑NUPS
www.mcmorrowlaw.com
This Industry Insight was written by
Brooke B. McMorrow.
Attorney McMorrow is the founding
member and Managing Attorney of
McMorrow Law, LLC located in Wexford,
Pennsylvania. McMorrow Law focuses
on family law matters such as divorce,
custody, child support, guardianship,
estate planning, and probate/estate
administration in Pittsburgh and the
surrounding counties. Attorney McMorrow
is collaboratively trained, a certified
mediator and parenting coordinator.
She is also a founding member of
Collaborative Solutions North. She is
licensed to practice in Pennsylvania and
New York. For a free initial consultation
call 724.940.0100 or visit the website at
www.mcmorrowlaw.com.
NORTH ALLEGHENY
❘
SPRING 2019
45