Postnuptial Agreement

Why You Don’t Need a High Net Worth to Have a Prenup in New York

Why You Don’t Need a High Net Worth to Have a Prenup in New York

Prenuptial agreements are no longer just for the wealthy.   A prenup makes sense for any couple entering a marriage to safeguard their assets and investments. You don’t need to have a high net worth to have a prenup in New York.

What is a Prenup and When Should You Get a Prenup?

You should get a prenup with your spouse before marriage or living together.  When you get engaged, that is the ideal time to consult a New York prenup attorney.

A prenuptial agreement is a legal contract that protects what each spouse was able to accumulate before getting married. It also prevents disputes over when the property was acquired.

The prenup can be an act of love rather than just a contract if done correctly. Another perspective is that a prenup is a way to show each other how you care and how you love one another, and is an opportunity, in a loving way, to discuss money, finances, assets, and debts and to decide together how you will each protect your family and assets in case one spouse passes away as well as how you will provide for one another in the event of a divorce.

The agreement should state what each person owns now, how assets and debts accumulated in the future will be split in the event of death or divorce, as well as how the couple will manage their finances while they are married. And, if there are children who are already a part of the family, the prenup can also address child custody.

Love is Worth the Risk

Marriage is more than just an agreed-upon contract. Marriage signifies love and devotion for your mate, which makes the relationship worth the risk. Protect your relationship with a prenuptial agreement.

How You Can Reduce the Risk of Divorce So You Never Have to Use Your Prenup

One of the main reasons that marriages fail in New York is due to the lack of communication. Talking openly about problems, as a couple, is important for a long-lasting marriage. It is also important to communicate your needs to your spouse because they are not a mind reader.

It is also essential to balance work life and home life.  If you are spending too much time on your career, and not enough time in your marriage, it can have a negative impact on your relationship.

Sign a Post-Nuptial Agreement if You Are Already Married

Even if you did not get a prenup prior to marriage, it is not too late to protect your assets.  Post-nuptial agreements are similar to prenuptial agreements, except they are signed during the marriage.  Couples sign them where there wasn’t enough time before the wedding, or when there are changes in financial circumstances such as if one spouse is entering into a new business partnership and they want to protect their business partners and their spouse from legal ramifications of the business, as well as to clearly define the marital and separate property.

Considering a Prenup Agreement?

Contact Sabra Law Group today at (646) 472-7971 to schedule a confidential consultation and get all your prenup questions answered. 

 

 

 

 

 

 

 

Why You Should Consider a Postnuptial Agreement if You Didn’t Sign a Prenup

Postnuptial AgreementMost people are at least somewhat familiar with the idea of a prenuptial agreement. Basically, it is a contract into which prospective spouses enter before they take their vows. The agreement may cover a variety of subjects like child custody, spousal support, and the division of assets that were brought into the marriage by each party.

By contrast, a postnuptial agreement is one that is entered into after the wedding ceremony. It may cover a number of the same subjects. Why would a couple consider signing such a contract?

Here are some of the most common reasons why couples draft a postnuptial agreement.

Children from a Previous Marriage

If you, your spouse, or both of you have children from a previous marriage, then you may have definite ideas about the inheritance that you would like your child to receive in the event of your death. Without a postnup in place, your estate likely will go to your spouse, which may leave your child(ren) out in the cold. Some state divorce laws may do the same in the event that you split up without having a postnup.

One or Both Partners Was Wealthy at the Time of the Marriage

People who get married with significant assets or who expect to inherit significant assets may want to protect their interests by having a postnup drafted. The contract ensures that both partners can leave the union without losing what they brought to the marriage.

You Received a Large Inheritance

A post-marriage agreement protects any sizable inheritance that you have received or may receive from a family member. Typically, any assets that come to you while you're married will be considered community or marital property in the event of a split unless you are careful and specific precautions are taken. A postnup agreement ensures that you keep your inheritance.

You're an Entrepreneur with a Profitable Business

If your business is really taking off, then you want to protect it. A postnup ensures that what you worked so hard to earn remains yours.

The Idea of a Prenup was Too Awkward

Many couples are made uncomfortable by the idea of discussing the possibility of a split before they've even said, "I do." A postnup makes it possible to plan for every future eventuality when the stress and excitement of the big day are in the past.

Contact the Sabra Law Group at (646) 472-7971 to learn more about having a postnuptial agreement drafted with terms that protect you and your interests.