The People’s Prenup: Not Just for the Rich and Famous


poor richVery few people actually consider the potential fallout of divorce when they get married.  This is certainly understandable; when pledging your life to someone else, you no doubt expect to grow old together, and the idea of divorcing seems impossible.

Making things worse, most people regard a prenuptial agreement (or ‘prenup’) as not only bad luck, but as unnecessary unless you come from money and have significant wealth – that a prenup is only for the ‘rich and famous.’  Many couples who consider themselves to be of modest wealth and resources pursue a strategy of separation: If they keep their financial ‘streams’ separate (their own income, bank accounts, credit cards, investments, and retirement accounts) they would not need a prenup, because divorce will simply be a ‘conscious uncoupling’ process.

You Need a Prenup Lawyer in New York

This is, unfortunately, not true. Maintaining separate finances throughout the course of the marriage will not protect you from chaos when divorce looms, for several reasons:

  • Attitudes change when a marriage is ending, and a ‘gentleperson’s agreement’ regarding finances may not hold.
  • Separate financial streams will not prevent the court from evaluating contributions to the marriage or dividing assets in ways you cannot predict, or from ordering support based on individual wealth.
  • Separate incomes may not be equal, and you or your spouse may need assistance maintaining lifestyle when the lower income and wealth is separated from the larger.
  • Assets such as a home or car or other property where the non-owning spouse contributed to the down-payment or ongoing maintenance payments or other aspects of the asset may need to be negotiated.

Even if you regard your wealth as modest and have a good relationship, a prenup is always a good idea to protect both of you in the event that an unimaginable breakdown in the relationship should occur.  Discussing a Prenup with your loved one will enable you to get on the “same page” regarding how you each manage your finances, how you will manage them together during marriage, and it is a way to step into your marriage with your eyes wide open, rather than leaving the door open for possible ulterior motives or misunderstandings.

If you are unsure whether a prenuptial agreement is right for you, please contact our office at 646-472-7971 to schedule a consultation.

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