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What does a prenup protect?

by | Feb 23, 2017 | Property And Asset Division

If you are getting married, you very well could have money on your mind. You might be planning a wedding, looking to buy a new house or starting your family, which can all be expensive events.

However, these financial matters aren’t necessarily the only things you should be thinking about before you get married; you may also want to be thinking about financial events much further in the future. For many people, this can and should involve creating a prenuptial agreement. These documents can protect and set rules for current and future assets and debts in the event that the marriage ends.

More specifically, a prenup can assign ownership of separate assets and make designations for the distribution of assets that have yet to materialize. For instance, in your prenuptial agreement, you can establish:

  • Who owns which assets going into the marriage
  • If and how pensions will be distributed
  • How existing debts will be managed
  • The current value of a business
  • How you will manage banking, credit cards and bills
  • Which accounts, investments and business contributions currently exist
  • Payment of spousal maintenance

With all this information laid out and discussed, you can create a prenuptial agreement that allows you and your soon-to-be spouse to have some visibility into your financial future.

If you do not have a prenup in place, or if it is determined that your prenup is not enforceable, you might find yourself dealing with some unfortunate realities of the property division process in New York. Whether you are planning ahead with a prenup or looking to challenge one that is already in place, it can be critical that you consult an attorney familiar with the complexities of asset division and how you can protect yourself.