Prenup Attorney

How to Negotiate a Prenup Like a Pro

Negotiate PrenupIt sometimes happens shortly after an engagement. In fact, that's the best time for one partner to suggest that they discuss the idea of a prenup.

Why is it critical to talk about signing a prenup soon after the engagement? It gives the couple time to get used to the idea as well as providing an opportunity to calmly, rationally discuss the possibilities. This may be crucial if one partner is reluctant to sign a prenuptial agreement.

Starting early also provides the couple with more of a chance to negotiate a prenup like a pro. They'll have time to consider all of the paths that the future might take, and that gives them an opportunity to protect themselves, each other and their future children.

It's also wise for couples to hire their own attorney when they are drafting a prenup. An experienced lawyer knows how to structure a prenuptial agreement so that it's legally enforceable. Moreover, the attorneys can help the couple decide exactly what should and should not be included in the agreement. Consider interviewing more than one attorney so that you each find the legal professional with whom you feel comfortable working.

Negotiations for your prenup will be smoother if each partner strives to see the viewpoint of the other and to understand what is most important to them. The best prenups, and the best negotiation processes, happen when both parties feel that their concerns have been heard and addressed. Accordingly, it makes sense to enter the process with an open mind and with a focus on your partner's needs.

The process of drafting a prenuptial agreement also goes better when both partners are equally involved. While you both may verbally agree on the major tenets, it's sensible to keep each partner fully involved at every step of the way. Some couples agree to meet in a 4-way meeting together with each of their respective counsel.  This way they all get on the same page and hash out and any disagreeable terms before the agreement is drafted. 
 

Couples also are encouraged to be open to including a mediation clause in their prenuptial agreement. In the event that the couple separates and contemplates a divorce, a mediation is a low-conflict, more amicable means for the former partners to go their separate ways.

If you and your soon-to-be spouse want to learn more about how to constructively negotiate a prenup, then give the Sabra Law Group a call at (646) 472-7971.

 

 

 

Things to Consider Before Rushing Into a New York Remote Marriage Ceremony 

Remote Wedding On April 19, Governor Andrew Cuomo announced the issuance of an executive order that allows marriage services to be conducted by clerks via video conference.

That's good news for couples who are anxious to begin their new life together, despite the pandemic. However, it does not necessarily follow that it's wise to jump into getting married remotely in New York. 

It's still smart to think about all of the ways that marriage may change your lives. For instance, consider both of your career goals. Will your job or your future spouse's job someday force you to move to another city or another state? If so, is that a move that the other partner is willing to make?

For many couples, it similarly is critical to know and understand each other's finances. That means disclosing things like how much credit card and student loan debt each of you has. Moreover, you'll want to share any financial obligations that you have to a former spouse or a child from a previous relationship.

Talking about assets is just as important. To guide your financial conversation, consider entering into a prenuptial agreement before getting married remotely in New York. 

Prenups may be short, simple, and straightforward or longer and more complex depending upon the couple's wishes and their financial situation. With a prenuptial agreement, it's possible to define that each partner will keep the debt that came into the relationship with them and that certain family heirlooms will remain the property of the spouse who brought it to the marriage. It's even possible to discuss potential spousal support terms.

Too many couples get married without knowing much about each other's finances. Having a prenuptial agreement drafted ensures that you're both aware of each other's financial standing. It also leads to helpful discussions regarding how you both approach money matters.

It may not seem romantic to pause to discuss a prenuptial agreement before getting married, but it nonetheless makes good sense. That is especially true during a time that is distinctly unsettled and unfamiliar. Most people's day-to-day lives look nothing like they usually do, and this can lead to decisions that one day may be regretted.

Recently, we drafted and negotiated the terms of a prenuptial agreement for a client who was initially planned to get married this summer – but his marriage was expedited shortly after Governor Cuomo’s announcement when his wife submitted for the opportunity to get married via video conference – and on television!  So while a prenuptial agreement typically gets prepared and negotiated within 6-8 weeks, here we didn’t have the luxury of time and we got it done within 48 hours – even coordinating remote notarization of the agreement.

If you are considering getting married remotely in New York, then contact the Sabra Law Group at 646-472-7971. Having a prenup drafted by the Sabra Law Group is the common sense approach to getting married in these unprecedented times. Call or click here to schedule a time to speak with someone in our office.
 

How Prenups Can Be Quite Revealing About Your Future Mate

Prenup and Prenups in ManhattanSome people are shocked when their intended spouse suggests that they enter into a prenuptial agreement. They may think that the only people who get prenups are the ones who don't have much faith in their relationship.

The reverse typically is true. People have many reasons for wanting a prenup, but these often boil down to wanting to protect themselves and their partner. Prenups protect both parties because they are thoughtful, fair and carefully considered. They settle potentially acrimonious questions long before they might arise, and they also teach you a great deal about your chosen partner.

Drafting a prenuptial agreement requires that both parties participate in an in-depth discussion of their personal finances and ideas and goals for their future. This may sound surprising, but many couples don't have any critical discussions about finances before they marry. After the ceremony, one or both may receive unpleasant shocks as they slowly learn about each other's financial reality and the way they interact with money.

Negotiating the terms of a prenup will have both parties revealing their debts and assets. Did you know that your partner has more than $30,000 in student loan debt? Does your partner know that you had massive medical bills that went to collections three years ago? What about family heirlooms? Do you or your future spouse have a valuable possession that needs to be safeguarded in the event of a separation? Did you know that your partner wants to relocate to another state or another country in the next year or two? Or after a child is born?

All of these things and more are likely to come up as you discuss the terms of your prenup. Additional items that may be included in such an agreement may relate to any children you have and your outlook on future earnings. Did you know that your future spouse expects to be a stay-at-home parent? How might that affect your family's financial outlook, especially in the event of a divorce? Do you want to make special provisions for spousal support or child support?

What are each of your intentions regarding the transfer of assets upon death?  Do either of you intend to keep your assets in your family, giving it to siblings and other relatives, rather than to your spouse?  How will you each provide for each other in the event of premature death? How would that impact where you live and the ability of the survivor of you to continue to reside in the marital residence in the event that the other is no longer able to contribute financially to the household? 

Admittedly, all of these financial and family-related topics can be extremely sensitive. Rather than seeing this as just a stressful exercise, think of it as a gift. This is an opportunity for the two of you to get out in the open your most fundamental beliefs and expectations regarding family and money, and you're doing it before you get married.

This means you have a chance to see where you're on the same page, and where compromise is required. To learn more, contact the Sabra Law Group at (646) 472-7971.

 

Why Prenups Are The Norm for Millennials

Prenups for MillennialsThe stories have been in the media lately. Millennials are requesting prenups before tying the knot in record numbers.

Why is this younger generation much more open to the idea of prenups? Several factors may be at play.

According to the American Academy of Matrimonial Lawyers, a full 62 percent of attorneys have noticed that more of their clients are asking for prenuptial agreements within the last three years.

One of the main reasons behind this increase is that this generation is tending to wait until later in life to get married. This may mean that they have more assets to protect.

Putting off marriage gives them a chance to focus on their careers. This means that they have a chance to build up their 401(k) or to aggregate wealth through an employer's stock program. Perhaps they will buy some real estate.

In the event of a divorce, the spouse or spouses who have accumulated considerable assets before marriage may want to safeguard those assets for themselves.

However, this is just one more reason why it makes sense to have a prenuptial agreement in place. Such an agreement can protect a spouse from having to assume responsibility for a sizable debt that doesn't really belong to them in the event that they get a divorce.

Frequently, this age group also is deferring marriage because of its financial obligations. With student loan debt at record highs, millennials may be reluctant to saddle a spouse with such a heavy responsibility.

Debts from credit cards or personal loans also may put a strain on a relationship. Consequently, the couple may want to specify in a prenuptial agreement that the debt belonging to one spouse or the other remains that individual's responsibility should a split occur.

Other millennials are choosing prenuptial agreements because they are themselves the children of divorce. After suffering the pain of watching their parents go through a difficult process, they may be seeking to protect themselves from a similar situation.

All of these factors combine to explain why this particular generation is beginning to see prenuptial agreements as the norm rather than the exception. It's a wise choice, one that could protect the financial and emotional future of both parties and any children they may have.

To learn more about why people are choosing prenups to protect themselves and their families, call the Sabra Law Group at (646) 472-7971.  Or, if you know you are ready, call now to get started.

 

Why Divorce Doesn’t Have to Be a Financial Disaster

Financial DisasterMany pressing concerns arise when divorce is on the horizon. Children are the primary focus, but it is nearly as vital to concentrate on financial concerns. The more stable and predictable your economic security is, the better able you'll be to take care of yourself and your children.

Regardless of whether your divorce is acrimonious or not, it's important to give early consideration to financial matters. This typically involves opening personal banking accounts that are in your name only. Accordingly, your former spouse won't have access to any funds in these accounts. It is advisable to inform your spouse about the new banking accounts simply so that you cannot be accused of hiding money.

If you and your spouse have joint credit accounts, now is an excellent time to close them. You can always decide how to divide any outstanding debts through divorce mediation.

Additionally, if there are joint investment accounts, you might consider withdrawing half the money, reserving the other half for your spouse. Other couples decide to require the signature of both parties on any transactions dealing with an investment account. This ensures that no one has an opportunity to hide funds.

Many divorcing couples further decide to get their own post office boxes as they go through the divorce process. In the event of an acrimonious divorce, it's not unusual for one spouse to hide correspondence from the other. The result could be missed bill payments and other money-related chaos.

The best way to prevent money from complicating a divorce is to sign a thoughtful prenuptial agreement before tying the knot. These contracts can be highly customized to reflect your family's unique circumstances. They may address who is responsible for student loan debt and who gets your grandmother's antique clock if the marriage doesn't last.

A prenuptial agreement may include provisions for the support of a non-working spouse in the event of a divorce. This may include alimony payments and other considerations that are left to the discretion of the couple.

Each family's situation is unique. A well-written prenup takes this into account. In fact, it may be the primary means of protecting your money, and it can be revised to reflect your changing economic status.

If you are ready to learn more about how you can protect yourself from a financial standpoint in the event of a divorce, contact the Sabra Law Group at (646) 472-7971.

 

Why Having a Prenup Beats Having Separate Bank Accounts in a Divorce

Prenup AgreementMore couples are deciding to maintain separate bank accounts when they marry. They may have a variety of logical reasons for doing so. However, too many of them do so because they believe that it will protect them in the event of a divorce.

The reality is that these couples need a prenup if they are serious about safeguarding their separate bank accounts should the marriage dissolve. Meeting with an experienced attorney before the marriage ceremony is a reliable method for these couples to have all of their questions answered so that they can make informed decisions.

Couples may have a variety of motives for keeping their finances separate. Some of them have vastly different philosophies when it comes to how to handle money. Others are wary of comingling their finances because they watched the difficult process of their own parents splitting up. Because they may have seen their parents endlessly wrangling over assets and finances, they think that keeping their finances separate will prevent them from encountering a similar situation.

Accordingly, many engaged couples plan to maintain the status quo after tying the knot. Each one believes that if their bank account is only in their name, then it won't be subject to the division of assets in the event of a divorce.

While having separate finances while married may reduce conflicts, it is of little or no help for keeping money separate in a divorce. Equitable distribution and community property laws are designed to ensure the fair distribution of money and assets when a couple parts ways. However, an attorney who knows their business may argue that any assets acquired during the course of the marriage by either spouse should be considered (and in New York, is considered) marital property. This means that it is subject to equitable distribution, regardless of whose name is on the account.

The best and easiest way to ensure that both spouses receive all of the contents of their personal bank accounts in the event of a divorce is to have a prenup. This common-sense agreement allows the couple to agree in advance how their assets, money and real property will be divided should their union ever fall apart.

If you believe that you may need a prenup, then contact the Sabra Law Group at (646) 472-7971. Consulting with a matrimonial attorney is an excellent way to explore your finances and learn how both of you can protect yourselves.

 

If You Are Planning a Wedding in Manhattan, You Should Budget for a Prenup As Well

Planning a wedding in Manhattan is a massive undertaking. In order to secure the right venues for the ceremony and reception, many couples begin planning months or even more than one year in advance.

It's easy to get caught up in all of the details like finding an officiant, choosing a song for the couple's first dance and deciding who will be the maid of honor. Nonetheless, this also is a critical time for planning what will happen after the wedding.

Statistics demonstrate that many couples are waiting until later in life to get married. Moreover, individuals are now more likely to be marrying for a second or third time. This means that each partner may bring to the union a variety of debts, obligations, and responsibilities as well as considerable assets. Such circumstances may make it wise to consider entering into a prenup before a wedding in Manhattan.

A prenup is a contract that identifies all of the assets and property that each partner brings to the marriage. It also defines who will retain ownership of those assets should the marriage be dissolved. Similarly, these contracts also may spell out terms for dealing with debts acquired before or during the marriage.

While not romantic, a prenuptial agreement is a valuable financial planning tool, especially for couples who are bringing property or other assets into the marriage. As the years go by and events pile up, memories of who owns what and who is entitled to which benefits can become murky. Having a prenuptial agreement ensures that there is a document in which the couple's intentions are crystal clear. In the event of a dissolution when emotions are running high, the prenuptial agreement is a dispassionate witness that may remove some of the acrimony from the proceedings.

When no prenuptial agreement is in place, then the distribution of debts and assets in a dissolution may be guided by the state's laws. The law likely will dictate that marital property be divided equally, and this may even apply to property acquired before the marriage if a prenuptial agreement is not entered into. People who want to protect family heirlooms or other valuable items will quickly see how critical such a contract can be.

If you are planning a wedding in Manhattan and are curious about having a prenup drafted before the ceremony, contact the Sabra Law Group at (646) 472-7971 and get started now.

 

What to Do When Your Fiancée is Against a Prenup

 Against a PrenupIt's becoming more common for one partner in a romantic relationship to ask for a prenuptial agreement before saying "I do." Unfortunately, the other partner frequently is blindsided by the request. They may panic and wonder if their partner has no faith in the impending marriage.

If your prospective spouse is against a prenup, it's important that neither of you panic. Frequently, the other partner's reaction is instinctive. This may be because you recently got engaged. It's a romantic time when everything is blooming flowers and violin music. A prenup may seem pessimistic and businesslike.

If your future spouse is saying that they are against a prenup, then it's vital that you carefully and thoughtfully articulate your reasons for wanting one. Do you have assets that you want to protect? Do you have debts for which you don't want your spouse to be responsible? Perhaps there are children from prior relationships that you want to ensure are adequately provided for no matter what.

Whatever your reasons, asking for a prenup is a practical acknowledgment of the business side of marriage. It's not romantic. Nonetheless, it may provide you with a way to protect you, your spouse and any children that you may have. 

The better you can articulate your reasons for wanting a prenup, the smoother the conversation will go. If possible, ask your future spouse to visit a lawyer to talk about the pertinent laws and the options available. 

Above all, consider this an opportunity to plan for the financial future of your family. Highlight this to your prospective husband or wife, and talk about your dreams for what you want in the future. This is an excellent opportunity to discuss the business side that's an inherent part of marriage. If you and your partner can come to terms on this, then it's a good sign that future negotiations between you will be similarly successful.

As Sabra tells her prenup clients, “you are the CEOs of your marriage” and it is important that you step up to the plate and take responsibility for running the business side of marriage the way you would if you entered into a business partnership.  Like a business, you will have overhead expenses and a budget and if these are not discussed and the roles clearly identified, you could be setting yourselves up for hardship, and even, failure.  So start your married life on the right foot, by getting clear about your finances together.  After all, you are planning to be romantic partners as well as business partners for life, why not give yourselves the advantage of being one of the lifelong successful ones?

Whether your fiancée is against a prenup or not, you need reliable legal advice. Call the Sabra Law Group at (646) 472-7971 to discuss your options.

Why Having a Prenup Agreement Can Safeguard Your Future

Prenup Agreement The future is always unpredictable, which means that no one can foresee with accuracy what tomorrow holds. This uncertainty is why more couples are choosing to sign a prenup agreement before they walk down the aisle.

Perhaps this seems like a pessimistic thing to do, but it actually is eminently practical. It is a wonderfully easy way to ensure that the diamond ring that you inherited from your grandmother stays in your family. Additionally, your prenup can specify how the proceeds will be divided if the family home must be sold in the event of a divorce. 

While a prenup is used to protect current assets, it also may be possible to draft the contract so that it may safeguard future assets. Such protection is possible only if the agreement is carefully drafted. Typically, future assets will need to be defined and described in great detail. If they are not, then the contract may be invalidated by the court when one party tries to enforce it against the other.

Another way that a prenup can safeguard your future is by including details about debts. For instance, if one partner incurs a huge load of education loan debt during the marriage, it can be spelled out in the prenup that this debt will be that partner's sole responsibility in the event of a divorce. 

Similarly, the partners may want to define who will be liable for certain credit cards, loans or other debts if the marriage ends. This is simply wise planning on the part of the prospective spouses. No one wants to get saddled with a debt that does not belong to them, particularly in the wake of painful and expensive divorce proceedings. A heavy load of debt makes it difficult to move forward, and the person who incurred the debt reasonably can be expected to assume the responsibility for paying it.

Discussing how you will finance your future together before tying the knot will help to avoid conflict and allay any “surprises” in the future should either partner enter the marriage with certain preconceived expectations that may not have been discussed and addressed during your courtship. Of course, it is not possible to address every possible nuance and situation that could arise in the future, but having these tough conversations now and being clear about you and your partners’ philosophy around money can further safeguard your future together. 

In addition, prenup agreements can be used to protect future inheritances as well as family property, money or trust interests of which you may be the owner or beneficiary, and ensure it will stay in the family in the event of a future breakup or upon your death.

Prenuptial agreements not only typically contain provisions addressing what happens with property in the event of a future breakup, but they can also provide what assets are transferable to your partner upon death as well as provide adequate financial support in such event.  

Moreover, if you have children from a prior relationship, a prenup agreement is a great way to create clarity with your partner and protect your children and ensure that they are provided for as well.

And, if you or your partner have a pet, the agreement can contact provisions relating to their care and support. 

It is advisable to involve a knowledgeable attorney as soon as you decide that a prenup agreement is right for you. In order to be legally binding, it is necessary to define many highly detailed components, making the right kind of experience indispensable to the process. 

If you are still curious about your ability to safeguard future assets, contact the Sabra Law Group at (646) 472-7971. These experienced legal professionals place an emphasis on drafting a sensible prenup agreement that will protect your interests in any eventuality.

Why it is Important to Have Two Separate Attorneys When Creating a Prenup

Prenup - Separate AttorneysPrenuptial agreements are not just for wealthy individuals any longer. These days, a premarital agreement may be entered into for any number of reasons. The parents of one of the parties may insist upon a prenup, especially if they want to ensure where their own assets will be allocated after their death. Frequently, at least one of the parties to the agreement is the individual who requests it. This is likely because they want to protect assets that they acquired before getting married.

The basic concept behind a prenuptial agreement relates to the possibility of a divorce. No couple wants to think about a day when they no longer want to be together. Nonetheless, such a legal document can provide peace of mind while also leading the couple to consider and discuss issues that might not otherwise be introduced. Rather than driving a wedge between the couple, the process actually may bring them closer.

Most of the considerations that are tied up in a prenuptial agreement are financial. The terms of alimony and property division are decided in advance of the marriage. Of course, couples are free to include almost anything they like in their own agreement. The only thing that is prohibited in such contracts relates to (unborn) children. Questions of child support and custody may only be decided upon at the time of divorce. Including such items in a prenuptial agreement may invalidate portions (and in some cases the entirety) of the agreement.

It may be tempting for an engaged couple to seek the services of just one attorney for a prenuptial agreement. Nonetheless, it is almost always advisable for each partner to seek independent legal advice. This is not because the situation is adversarial or because one future spouse is trying to hide something from the other. Rather, securing independent legal counsel ensures that both parties are getting the fairest possible deal. In addition, having counsel for each of you removes any future claims of duress, claims of not understanding the agreement and lack of fairness. Commonly the courts will look to the conscionability of the agreement both at the time it is entered into and at the time it is enforced.  Having your own lawyer means that your interests are fully protected, and so are those of your future spouse.

If you have difficulty agreeing on the terms of the agreement, consider mediation in New York. This collaborative, constructive process makes for a positive experience. The outcome is a prenuptial agreement that is fair and beneficial to both parties.

If you are ready to learn more about prenuptial agreements in New York, contact the Sabra Law Group at (646) 472-7971. Their advice will ensure that you are prepared for anything that the future may hold.