NYC Prenuptial Lawyers
If you are like most people who are preparing to get married soon, you may not be able to imagine life without your significant other. However, when you look at matters realistically, you may be aware that approximately half of all marriages result in divorce. Divorce is something that you may not anticipate, but you can prepare for the possibility of it. A prenuptial agreement is one of the more common steps that New York City couples take to protect their interests in the event of a future divorce. Even an amicable divorce can be stressful, and one of the major causes of stress in a divorce relates to finances. After all, the division of assets and debts in a divorce can cause emotions to run high. When you understand how a prenuptial agreement may protect you in the future, you may be ready to schedule a consultation with a New York City prenuptial lawyer.
What Is a Prenup?
Before you can determine if a prenuptial agreement is right for you, you need to understand more about what this type of agreement is. A prenuptial agreement is a legal document that both parties sign and agree to before the marriage. The terms of the agreement can be adjusted as desired by both parties, but they must comply with related laws. Generally, a prenuptial agreement determines the division of assets in the event of a divorce. This includes all assets that each party brought into the marriage, such as real estate, cash, stocks and more. It also includes assets that may be accumulated during the marriage. A prenuptial agreement also may determine ownership interests of a business that one or both parties currently own, how debt may be handled and more. Many prenuptial agreements include special clauses related to divorce because of infidelity, physical or emotional abuse or other special circumstances. Some agreements also define what amount or percentage of gross income the alimony payments may be upfront.
Do You Need a Prenup?
While a prenuptial agreement may benefit many couples who are preparing to get married, not everyone needs a prenup. On the other hand, a prenup can protect both parties’ interests in some cases. To determine if a prenuptial agreement would benefit either or both of you, consider what your current assets, income level and business ownership interests are. Is there inequity, or do you anticipate there being inequity going forward because on person earns much higher income than the other person? For example, is one person working to put the other person through medical school or law school? Eventually, the student in the relationship may earn a substantially higher level of income than the person who provided financial support initially. You can see that there are many different situations when financial interests should be protected.
How Can You Create a Prenup?
Some couples believe that signing a prenuptial agreement gives both parties an easy way out of a relationship, but this is not the purpose of a prenuptial agreement. Most people enter a marriage with their full intention of putting forth their best effort to make the relationship work, but it is realistically wise to prepare for this possible outcome. After all, you purchase auto insurance in case you are in a car accident rather than because you intend to be in a car accident. Creating a prenuptial agreement generally requires both parties to be represented by their own attorney. The couple may discuss terms before the agreement is drawn up, and many couples are able to fully agree on terms without concern or stress. One attorney will draft the agreement, and both attorneys will review it to ensure that their client’s interests are protected. In addition to ensuring that their client’s interests and rights are protected, the attorneys may look for weaknesses that may affect the enforceability of the contract at a later date.
The alternative to a prenuptial agreement is a postnuptial agreement. Both documents serve the same purpose, but it may be better to resolve the matters in this type of agreement before the marriage when possible. If you are getting married soon, now is a wonderful time to schedule a consultation with a New York City prenuptial agreement attorney.