Why Every New York Couple Needs a Prenuptial Agreement

Of course, every couple who gets engaged wants to go into a marriage believing that they will be together forever.  Unfortunately, the sad reality is that not all marriages withstand life’s challenges.  This is why it is a good idea to have a prenuptial agreement.  Below, let’s discuss “Why every New York couple needs a prenuptial agreement.”

 

What is a Prenuptial Agreement?

 

A prenuptial agreement is a legal document that dictates how a couple’s debts, assets, and finances will be handled in case the couple chooses to divorce.

 

What Are the Advantages of Having a Prenuptial Agreement?

 

One of the most important advantages of having a prenup is that it helps you protect your assets. Assets can include real estate, investments, 401k, boats, family heirlooms, expensive art and much more. If one or both spouses are bringing a large amount of wealth into the marriage, a prenup is essential.

 

A Prenup Can Protect You from Debts

 

Another aspect of a prenup agreement is that it can protect one spouse from being responsible for debts that they are not liable for.  A prenup can specify who would be responsible for which debts; so that if the couple does divorce, the debt has already been assigned to the appropriate party.

 

A Prenup Can Help You Protect Your Family Business

 

If your family has spent years building a legacy, it is imperative to outline the family business in a prenup agreement. Failure to do so could have catastrophic effects for you and your family.

 

A Prenuptial Agreement Can Help You Avoid Costly Litigation

 

Having a prenup in place can help you avoid an expensive and stressful court battle over assets. Not only can it be expensive, but it can also end up taking years to resolve if complex assets are involved.

 

What Are the Potential Consequences of Not Having a Prenuptial Agreement in New York?

 

Not having a prenuptial agreement in place can have adverse consequences.  In New York, if a couple does not have a prenup, then the state will enforce “equitable distribution.” Equitable distribution means that the property will be divided fairly, or “equitably”, which does not necessarily mean equally.

 

Don’t Get Stuck Paying for Debt that You Did Not Accumulate

 

Without a prenup, you could also get stuck with having to pay debts that may have piled up during the marriage. This can happen even if you were not directly the one who accumulated the debt.

 

If you don’t have a prenup, it can also mean a huge financial loss; especially in a high-net worth situation.

 

Not Having a Prenup Can Impact Spousal Support

 

A lack of prenup can also impact spousal support.  Spousal support is regulated by New York state guidelines and the outcome may not be positive for one or both spouses.

 

Contact a New York Prenup Lawyer Today

 

Consult a New York prenup lawyer for guidance on a prenup that will help you secure your future.  Call Sabra Law Group today at (646) 472-7971.