Prenuptial

Why You Might Want to Consider a Prenuptial Agreement if You’re Getting Remarried

Everyone deserves to find love and be happy! If you are lucky enough to find the love of your life after previously being divorced, you should be open to getting remarried but you might be more cognizant of protecting your assets and your future.

Maybe you didn’t have or consider a prenup agreement the first time around and your marriage ended; was it a smooth divorce or was there conflict over assets and finances?

Consider a Prenup Agreement as Your “Just in Case Insurance Policy”

When people get married, they obviously want and envision a happily ever after, but it does not always work out that way. Some fairy tales end in a long-winded, expensive court battle. This can be avoided with a prenuptial agreement. A prenup agreement is like an “insurance policy” it's a just-in-case if things don’t go as planned.

What is a Prenuptial Agreement?

A prenup is an agreement between two people who are getting married that defines what property is marital and what property is considered premarital, or off-limits, in the event of a breakup. A prenuptial agreement is similar to a partnership agreement when two people decide to go into business together. The prenuptial agreement can also protect the assets of both parties from property settlement claims from the other person if they end up divorcing.

Reasons to Consider a Prenuptial Agreement

The advantage of having a prenup agreement is that there is a clear course of action regarding how property, assets, debts, and even pets will be handled if the marriage were to end.

It is also a good idea to consider a prenup if one spouse makes a lot more money than the other, or it is anticipated there may be a future inheritance that you want to protect.

Statistics have shown that the divorce rate for second and third marriages is around 60% to 70% versus 45% to 50% for first-time married couples (source: United States Census Bureau); therefore, a prenuptial agreement may not be a bad idea.

Even if you're not sure if a prenup is right for your relationship it is important to sit down prior to marriage and discuss finances and how matters will be handled during the marriage, as well as consideration in the event the marriage were to end. It is critical to have a clear understanding of what the expectations are of each spouse.

Another advantage of having a prenup agreement is that it can give each person in the relationship a sense of security before “tying the knot.”

A prenup may also be a good idea if there is a huge age gap between each partner. If one partner is a lot older, the younger partner needs to consider what will happen to them and their well-being if their partner were to pass away and how they would be taken care of. That consideration is true even if the couple decides not to enter into a prenuptial agreement.

One Important Consideration

The subject of having a prenup agreement must be discussed between both parties and they both must agree to sign a prenup; otherwise, there can be tension in the relationship.

Consider a Prenup Agreement if You Are Getting Remarried

Contact Sabra Law Group to learn if a prenup agreement is right for your remarriage. Call today at (646) 472-7971.

Are People Still Dating, Getting Engaged and Married During the Pandemic?

Finding love during the pandemic may be difficult but it is not impossible. The pandemic has given people plenty of time to really reflect on their life and reassess what is really important. It has also forced couples who were quarantined together to realize that they do want to marry their partner.

The loneliness of being quarantined for months and months has made many people realize that they do want someone they love to spend the rest of their life with. For people who may have not considered marriage or being in a long-term relationship, the pandemic may have swayed them to explore the possibility of being in a long-term relationship or a marriage. Many people are realizing that they do not want to grow old alone or face another pandemic alone.

Couples that come to the realization that they truly belong together are still engaged during the pandemic. When it comes to setting the wedding date, some engaged couples may opt to set a wedding date further out than they normally would have. The reason for this is that social distancing the restriction of large events makes it difficult to have a wedding with all of your friends and family present. Some couples are also delaying their wedding date altogether to be after the pandemic is either over or is a bit more controlled.

Remember that Love is Still Alive

For those that are single during the pandemic, finding love may be one of the most important things on their to-do list. If you are single and looking; remember that love is still alive. It may just be a little more difficult to navigate through. While some people have put dating on the backburner due to the pandemic, others are continuing on their quest to find the love of their life. The human need for love remains high, especially during a pandemic when loneliness is quite common.

If you are looking for love during the pandemic, keep in mind that it may be easier to find and date someone locally versus someone who lives in another state. Travel restrictions and the fear of contracting the COVID-19 virus during travel can make a long-distance relationship a bit more difficult right now. Zoom is also a great way to date virtually until you are more comfortable meeting in person.

Don’t Forget to Protect Your Assets if You Are Getting Engaged or Married

If you are getting engaged or married and want to learn how to best protect your assets, contact Sabra Law Group at 646-472-7971 for a confidential consultation.

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

Most 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.

How to Negotiate a Prenup Like a Pro

It 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

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 to Bring Up the Delicate Topic of a Prenup to Your Fiancée

According to a survey conducted by the American Academy of Matrimonial Lawyers, more couples than ever before are signing a prenup before they say, "I do."

Despite this prevalence, prenuptial agreements remain a touchy subject. Some people just feel that they are unromantic while others believe that the suggestion of such an agreement is an admission of a lack of faith in the union. However, prenups may be entered into for numerous reasons, and they can be a loving way to plan your financial future. Here are some tips for bringing up this topic with your fiancée.

Difficult as it may be, it's best to mention that you are interested in prenuptial agreements as early as possible. Attorneys suggest broaching the topic in a casual way even before the engagement. This will help you to gauge your partner's initial reaction, which may suggest how carefully you will need to proceed.

Similarly, it's helpful to realize that an in-depth conversation about a prenup with your fiancée is likely to be awkward. The best way to deal with this is by being open and honest about your reasons for wanting a prenuptial agreement. For instance, you might mention the history of painful divorces in your family.

You further might emphasize that you expect your marriage to end with one of your deaths at the end of a long and happy life. However, if things don't turn out that way, you want to be able to go your separate ways with as much love and as little rancor as possible. A prenuptial agreement lets the two of you decide complex financial questions long before they ever arise, and that can make for a swifter, less painful divorce.

Couples frequently find success when they make drafting the prenuptial agreement a joint project. This ensures that both of their voices are heard and that they have equal input with regard to the stipulations. Both spouses can accordingly understand that their interests are protected in case the marriage doesn't go as planned. Many couples decide to work with a mediator or an attorney to iron out the specifics so that both partners feel greater peace of mind.

Contact Sabra Law Group at (646) 472-7971 to schedule your complimentary discovery session to talk about any of your questions about entering into a prenup with your fiancée. A well-crafted agreement is a loving way to demonstrate that you care about your partner's future, whatever it holds.

How Prenups Can Be Quite Revealing About Your Future Mate

Some 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

The 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

Many 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

More 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.

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