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Benefits of a prenuptial agreement in New York

by | May 5, 2017 | Property And Asset Division

A prenuptial agreement can make life much easier for couples that are headed for divorce. It’s difficult to look into the future, and it’s easy for someone going through divorce to say that they should’ve had a prenup when they got married. Prenuptial agreements can take a difficult situation and turn it into a much easier situation to handle.

If this is your second marriage, a prenuptial agreement is strongly recommended, especially if you have children or grandchildren. The agreement will protect the inheritance of your children and grandchildren when remarrying for a second or third time.

Should your soon-to-be spouse have significantly more debt than you, a prenuptial agreement can protect you from assuming the obligations of the other person and their debt.

Should you own a business or medical practice, a prenuptial agreement can protect the interest in that entity should you get divorced down the road. The agreement can prevent your former spouse from receiving part of the practice in the property division portion of the divorce process.

Another benefit of a prenuptial agreement is that it can limit the amount of spousal support you will have to pay to your former spouse in divorce.

If you decide to stop working in your lucrative career once you marry, a prenuptial agreement can ensure that you are compensated for doing so should the marriage ever come to an end.

Prenuptial agreements can handle more than just financial issues found in a marriage. The agreement can also cover decision-making involved in marriage and how couples share in responsibilities.

A prenuptial agreement can also define which property is to be considered marital and which property is to be considered community. This can make property division very easy should you and your spouse head for divorce.

As you prepare for your wedding, consider consulting with a family law attorney in Oneida, New York, to discuss the formation of a prenuptial agreement that will help with simple property division.