Prenuptial agreements, or prenups, are a standard legal step many couples take before getting married. In the case of a divorce, a prenup can be used to clarify both parties’ respective financial and property rights.
Although nobody enters into a marriage to eventually divorce their partner, around half of all marriages in the United States end in divorce. For this reason, a prenup is generally a good idea.
Prenuptial agreements are commonly utilized for safeguarding the financial interests of high-net-worth individuals. However, they also play a significant role in protecting the interests of family-owned businesses and other interests.
To help you draft a fair and reasonable prenuptial agreement, our family Law Attorney in Queens suggests the following guidelines:
All Financial Details
When drafting a prenuptial agreement, you and your future spouse’s financial situations are crucial factors. It’s essential to decide whether or not to merge your finances. In the event of a divorce or legal separation, this might affect how the couple’s respective salaries are distributed. You can classify them as personal property or share them equally under a cooperative property arrangement.
The same applies to your assets and debts, which you should reveal openly. Get together with your future spouse and compile your most recent financial information. Examine all documents about equities, bank accounts, or anything of significant value, along with details about debts and obligations to one another.
We understand this is a lot of information to process; therefore, we highly recommend getting assistance from a family Law Attorney in Brooklyn.
Purchasing Property During Marriage
When drafting a prenuptial agreement, you should also consider the personal and joint property you and your spouse may acquire after the marriage. Take, for example, the purchase of a home in the Hamptons or a car after the wedding.
- Regarding what terms do you like these properties to be dealt with?
- Will they be considered shared possessions even if one buyer makes a higher down payment?
- Will you each put in a certain amount toward the purchase?
- In the unfortunate event of a divorce, what would happen to the newly acquired property?
To avoid confusion about who owns what after marriage, our family attorney in Brooklyn can draft a prenup that will specify which assets should be considered separate property and which will be communal property. This can aid you in determining how you wish to handle marital and divorce-related property ownership decisions about any property acquired during the marriage.
Alimony
Determine your stance on alimony. In a prenuptial agreement, alimony is often waived, especially if the couple has no plans to start a family. Although, in a few years, anything may happen. Before starting to write a prenup, you should have this conversation.
Our goal at Ledwidge & Associates P.C. is to provide exceptional legal representation at affordable prices.
Our experienced probate attorney nyc can help you sort out the complex process of drafting a prenuptial agreement. Aside from that, we’ve got you covered if you’re looking for a Litigation lawyer Brooklyn, family law services in Brooklyn, or a real property law firm in Manhattan.
Contact us for more information.
Ledwidge & Associates
Latest posts by Ledwidge & Associates (see all)
- Addressing The Incapacity of Loved Ones - September 6, 2023
