Should you do pre-nup agreements in Long Island? If so, what should be included? If you are getting married, you may have considered a prenuptial agreement. You may be hesitant to bring up the issue, fearing your partner may become angry or believe that you are planning a divorce before the marriage even occurs. However, prenuptial agreements are simply good financial planning.
Prenuptial agreements sometimes are referred to as anti-nuptial agreements. They are designed to outline in a written contract what will happen concerning the division of property and spousal support payments in the event of a divorce. Prenuptial agreements also deal with the rights each spouse has to the other spouse’s estate in the event of death.
One thing is certain concerning prenuptial agreements; they have nothing to do with romance. Sometimes just bringing up a prenuptial agreement can have the impact of stopping the marriage from moving forward. Unfortunately, the divorce rates throughout the United States are very high, and the rates continue to climb. About 50 percent of first marriages end in divorce, and statistics for second and third marriages are much higher. Therefore, no matter how compatible you are and committed to the marriage you are, there’s a chance you will be headed to a divorce court if one party is bringing significantly more assets or earning power into the marriage.
It’s smart to draft an agreement that will spell out what happens in advance in the event of a divorce. Other common reasons for a prenuptial include a large inheritance is on the way, one of you will be supporting the other through college or grad school, or you own a business. If prenuptial agreements aren’t prepared correctly, they can be thrown out. Therefore, it’s important that you hire an attorney who is very knowledgeable about divorce and prenuptial agreements.
Prenuptial agreements can help the individuals who enter into a marriage avoid, in the event of a breakdown of the marriage, a nasty, complicated, and expensive divorce. Prenuptial agreements should be drafted a significant period before the day of the marriage. A problem clients face when they call a lawyer a week or two before they plan on getting married is that it usually takes much longer to work out the details of negotiations and terminology of the prenuptial agreement. Parties who seek to a prenuptial agreement drafted by attorneys should consider doing it three to six months in advance of their getting married.
One of the first steps necessary before entering into a prenuptial agreement is disclosure. You have to advise the other party as to what your assets, income, and liabilities are. Individuals entering into a prenuptial agreement must make a knowing, intelligent decision to execute these agreements. You can’t make a reasonable, intelligent decision if you don’t know what the other party’s assets, income, and debts are. Prenuptial agreement should not be thought of as a document prepared in anticipation of divorce; prenuptial agreements simply lay out what each party’s rights and obligations should be in the event of a divorce or death of one of the spouses.
Seeking a skilled pre-nup lawyer on Long Island is important.