Prenuptial

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.

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

It'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

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

Prenuptial 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.

How to Use a Prenup as a Financial Planning Tool

In recent years, there's been a trend toward couples marrying later in life. This means that they may come to the relationship with children or considerable debts as well as assets.

Moreover, they may already have a budgeting style that suits them and numerous financial goals that they hope to achieve. A prenuptial agreement is an essential tool for these couples, not so much as protection against a future breakup, but as a means through which financial plans may be discussed.

Unless you and your intended have already combined your finances (assets and debts too), you both may be in for surprises as you begin to explore each other's attitudes and approaches to money. One of you may be shocked to learn that the other does not have a budget, isn't particularly concerned about saving for retirement or has massive student loan debts and a credit score that horrifies you. It is far preferable to acknowledge and begin working on these issues prior to saying "I do" than while on the honeymoon.

The weeks and months that lead up to a walk down the aisle offer the perfect opportunity for laying open your financial situation to each other. Have a talk about how much debt each of you has. Do you have a plan for paying it off? If so, how much of a bite does that take out of your monthly budget?

Also, consider each other's assets. One of you may have amassed a significant retirement account while the other has virtually nothing. Is a new IRA in your soon-to-be spouse's future? If so, how will it be funded, and how much will go into it each year?

When you begin having discussions like these, then you can use a prenup as a financial planning tool. Maybe you recognize that your huge student loan debt shouldn't be the responsibility of your partner if you should ever split. A prenup could stipulate that you'll leave with whatever remains of that debt should the marriage end. Similarly, your spouse may want to be able to protect their considerable retirement account and provide for way to recoup an inadvertent commingling of inheritance money.

Using a prenup as a financial planning tool is a fantastic way to establish money goals as a couple. Take time to consider the lifestyle you want to lead as you discuss the financial future with your intended.

If you'd like to know more about using a prenup as a financial planning tool, then contact Sabra Law Group at (646) 472-7971 to schedule your Discovery Session.

Consider a Prenup While Celebrating Love This Valentine’s Day

In the heady first weeks and months of a romance, it's easy to have blind faith in love with your chosen partner. Falling in love and discussing the exciting details of your future together is a lot of fun. It may never occur to you that someday you might need mediation in New York as you negotiate a painful divorce.

None of this is meant to discourage you from celebrating love this Valentine's Day. On the contrary, love can be one of life's most fascinating, meaningful and rewarding journeys. It is the foundation upon which new families are built, and it has the power to utterly change your life.

Nonetheless, life is a difficult and ever-changing process. Individuals change with it. In some cases, the two people who make a marriage are able to accommodate and adapt to the changes in the other, but this is not possible in all situations. Love can keep people together regardless of life’s ups and downs. For others, the unromantic parts of marriage and life, in general, can sabotage and destroy what was a loving partnership.

When things begin to go wrong in a marriage or long-term partnership, things can deteriorate quickly. What used to feel like a blessed and magical union now is fraught with pain, anger, and frustration. Couples who used to agree about most things now fight over inconsequential matters, and when it comes to bigger things like assets and property, it's not unusual for both of the former partners to vow to fight to the death to see things distributed their way.

Is there anything that couples can do today so that they can sustain a life-long and everlasting romance that withstands the tests of time?

The more authentic and upfront you are about your intentions and visions of a future together, the more likely it is to create the foundation for a lasting marriage. Even though we want to believe that “love is all you need” and “all you need is love” to have an enduring and lasting marriage, it is essential to have open and honest communication about all aspects of your marriage. One of the vehicles that can help couples to create the right foundation for such communication is through pre-marriage meetings and consultations with clergy or other professionals. Another vehicle is a rational, well-thought-out prenuptial agreement whereby you can talk about and discuss how you will manage your finances together.

Many couples have the misconception that by simply maintaining all of their financial accounts separately, that the other spouse cannot make any claims to it in the event the relationship doesn’t work out.

That’s why talking with an experienced prenuptial attorney in your state can help you create the right plan for you and the future family you plan to create, and it will become the blueprint making it possible to have a cleaner, less painful break -up in the future.

Prenups can be as complex or as straightforward as the parties wish. Those with considerable assets or business interests will want to ensure that these are protected, and people who have children from prior relationships may want to guarantee that their children receive proper consideration and care regardless of what happens in the future.

It may even be possible to include agreements to deal with one another amicably in a mediation in New York in the event the couple decides to separate. Mediation is the low-cost, less acrimonious process by which many decisions pertaining to divorce may be made. Mediation is one way to demonstrate love and respect for your entire family during a particularly difficult time so that you all may begin healing sooner.

Consider a Prenup to Protect You, Your Partner and Your Future

If you are celebrating love this Valentine's Day by getting engaged, while your heart may be in the clouds, don't lose your head too. A sensible prenup protects you, your partner and any children that you may have. Contact the Sabra Law Group at 646-472-7971 to discover your options.

How to Bring Up a Prenup When Getting Engaged During the Holidays

Many people decide that the holiday season is the ideal time to get engaged. The particular holiday doesn’t really matter, it could be on Hanukah, Christmas, or New Year’s Eve. What matters is how do you bring up the sensitive topic of a “Prenuptial Agreement” during the holiday season.

It is to be expected that people want the holiday season to be full of joy and as stress-free as possible. This is why the thought of bringing up a Prenup can definitely cause some anxiety.

Follow the Five Steps Below to Bring Up a Prenup When Getting Engaged During the Holiday Season:

Make a list: write down all the reasons why it makes sense to get a Prenup and why it would be beneficial to both of you. Furthermore, on a separate piece of paper write down what objections you anticipate your fiancée may have.
Provide reassurance: that a Prenup is not necessarily a bad thing and that it is meant to protect the financial future of both spouses.
Encourage open communication: open communication means that you encourage your partner to be honest about their feelings and that you genuinely listen to them (without judgment).
Timing is key: It is advisable not to bring up the Prenup conversation on an actual holiday or when either of you are stressed about other matters or have had a rough day at work. And when you do talk about it, it is a good idea to discuss this topic at a neutral place – like a coffee shop or sitting on a bench at the park, but not your home, favorite restaurant or other “special” place that has meaning for the two of you.
Talking about a prenuptial agreement is always better sooner rather than later. For instance, if you haven’t talked about it while you were dating, then talking about it now is a good time. Explore conversations that would be “hypothetical” in nature but allow both of you to openly discuss what would happen if you ever were to split up. Who would get the house, who would get the family pet? Who would get the investment properties? This process allows the both of you to start thinking about the importance of a Prenup and hopefully come to terms with the idea of developing a Prenup to protect each other’s financial well-being in the event of a future breakup.

If you have questions about a Prenup agreement in New York or any other family law related matters, contact Sabra Divorce Law today to schedule a consultation at (646) 472-7971.

Prenuptial Agreements for Same Sex Couples in New York

In 2011, same sex marriage in New York became legal. It was a happy day for many families across the state, and with the ability of same-sex couples from other states to get married in New York too, many people celebrated the legalization and took advantage of the newfound ability to become legally married.

Gay or straight, no one gets married with a pessimistic attitude. Marriage is a happy and hopeful event, but it doesn't mean that some planning is not appropriate. A growing number of gay and lesbian couples are choosing to complete a prenuptial agreement prior to the ceremony.

Regardless of their orientation, many couples balk at the idea of a prenuptial agreement. They are in love and committed to each other. Thinking about the possible breakdown of the relationship is difficult. Nonetheless, a prenuptial agreement can be seen as an act of love.

A prenuptial agreement may protect one partner from the debts of the other. It also may ensure that children from prior relationships are supported and protected or that a family business can be maintained no matter what.

Prenuptial agreements for gay and lesbian couples are much like the same agreements for straight couples. However, additional considerations may need to be taken into account if the couple lives in a state where same sex marriage is not yet legalized. This may make it difficult to have the prenuptial agreement recognized in that state. Accordingly, you would need an experienced New York prenuptial attorney to draft the agreement so that it would be enforceable regardless of where you live.

Marriage laws in the U.S. are evolving, but they still have a way to go. Because same sex marriage is not legal at the federal level, questions of prenuptial agreements and estate planning may face additional complications. The best way to overcome these challenges is by working with an experienced attorney who has helped other same sex couples.

The guidance and advice of an attorney may give you the peace of mind that you need as you move forward to a happy future. A well-drafted prenuptial agreement can ensure that your children are provided for, that your debts won't affect your spouse or resolve numerous other potential problems.

If you have any questions about preuptial agreements for same sex couples in New York and any related family law matters, contact the Sabra Law Group at 646-472-7971 to schedule a consultation.

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