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