Manhattan Prenup Attorney Discusses What Issues Are Covered in Prenuptial Agreements
One of the most common questions that engaged couples have is: “What does a Prenup cover and why is it important to have a Prenuptial agreement?”
The main purpose of prenuptial agreements is to focus on the financial issues of a marriage and to protect assets that were acquired prior to coming into a marriage.
Some financial issues that are an important issue are:
- Identification of Separate Property
- Identification of Marital Property
- How Marital Property will be divided in a divorce
- Waiver of Maintenance
- Spousal Maintenance (includes both temporary and durational maintenance)
Another important aspect of prenuptial agreements is that they can memorialize “break-up” procedures which includes:
- The time period that the prenuptial agreement comes into play
- Who will move out of the primary marital household and what the time frame is
- Procedures for selling real estate property (including the marital residence)
- Decisions to resolve issues with divorce in mediation
Additional issues involve estate or confidentiality:
- Spousal election: either consent to this right, waive it, or make up your own rules regarding distribution of wealth upon death
- Determining if the contents of the prenuptial agreement should be restricted except for certain professionals such as financial advisors and attorneys
When couples enter into a prenuptial agreement, they agree to full disclosure of all assets and debts. Usually, a detailed schedule is attached to the prenuptial agreement which sets forth the assets and debts of both parties.
One of the most essential steps in the Prenup process is for both parties to have a clear understanding of the others’ assets and debts; at that point, they can determine what will be defined as separate property vs. marital property after marriage.
There are many different financial issues that are covered in a Prenup agreement, it is best to consult with an experienced Prenup attorney to determine what course of action would be best for your personal situation.
Consult with an Experienced Manhattan Prenup Attorney for More Information
For more information on what is covered in prenuptial agreements, consult with a Manhattan Prenup Attorney today. Contact the Sabra Law Group today to speak with an experienced Manhattan Prenup Attorney at (646) 472-7971.
