If you are planning to get married, one of the issues that you need to consider is whether to enter into a prenuptial agreement. The decision to get into this agreement will vary depending on your circumstances. Here are some of the frequently asked questions regarding prenupts to help you determine whether or not you need one.
A prenuptial contract is an agreement that couples enter into before they get married. A prenuptial contract states how income and assets are to be distributed in the event of a divorce, separation, or the death of one of the spouses.
A prenuptial agreement is meant to secure each spouse’s property when their marriage ends. It also distinguishes between separate property and marriage property.
Prenuptials are typically used by couples that do not want the court to decide how property is distributed after a marriage ends. Initially, prenuptial contracts were common among individuals who were getting married for the second time. A prenuptial helped preserve the assets of a previous marriage for the children from that relationship. Prenuptials are used for this reason up to date.
The other reason why prenuptials are popular is because couples are marrying in their prime. This means by the time a person reaches their prime they have accumulated significant assets or property. Couples who marry later in life enter into prenuptials to protect their property after they get separated or divorced.
Any kind of property can be included in a prenuptial agreement. This includes personal belongings, business ownerships, stocks, checking accounts, automobiles, and homes. In many states, spousal support agreements are not allowed in prenuptial contracts. Some agreements include a clause where both parties declare that they waive their right to the payment of spousal support.
Being Able to Document Separate Property
In prenuptials, couples can document the personal property they obtained before the marriage. This helps couples separate their personal property from divorce proceedings.
A prenuptial agreement is a safety blanket against your property in the event of a divorce, settlement, or your own death. This contract is ideal if you have significant assets that you wish to protect before you get married. Prenuptials help set the record straight with regards to property ownership, debt liability, and other pertinent issues that may arise during a divorce. Before you consider getting a prenuptial arrangement, it is advisable to consult a family law attorney.
It is a wonderful time when you and your significant other decide to get married. A prenuptial agreement is so far removed from your minds. You only want to concentrate on the life you will have together. Of course, everyone enters into a marriage with the expectation that it will last forever. But, the reality is that you must entertain the thought that perhaps your marriage will end. So, perhaps you should also focus on your future.
A prenuptial agreement is a contract between you and your partner. It is must be signed prior to the marriage. Generally, a prenuptial agreement details the specifics of you and your partner’s assets (including degrees) and liabilities. Both of you must be forthcoming and honest about your assets. In a nutshell, a prenuptial agreement addresses the division of money and property, as well as possible spousal support in the event of a divorce or death. Although such areas are already addressed in New York state laws, a prenuptial agreement makes you and your partner controllers of such areas, instead of the state.
The Uniform Prenuptial Agreement Act (UPAA) has been adopted by the majority of states. However, New York is not one of them. New York state law dictates the requirements for prenuptial agreements. The requirements are as follows:
• Must be written, not oral;
• Must be signed well in advance of the wedding date;
• Cannot be unconscionable (utterly unfair);
• Must be notarized;
• Must be implemented voluntarily (no pressure was applied); and
• Must contain accurate information.
A common misconception is that prenuptial agreements help only wealthy individuals. Its purpose is to provide protection for you in the event your marriage fails. As such, it can address a variety of matters. Such mattersinclude:
• Individual property;
• Support; and
All assets and property acquired prior to the marriage is considered individual, or separate, property. This is property you bring to the marriage. As such, this property is different from the property you and your spouse acquire together. And, a prenuptial agreement will specifically address this division. It is imperative that your individual property is kept separate from the marital property. If it does not remain in your name only, then it could very well be considered marital property and divided accordingly between you and your spouse in a divorce.
We all have some form of debt. However, if you or your spouse has accumulated a significant amount of debt prior to the marriage, then it needs to remain with each spouse. And, a prenuptial agreement can declare such.
If your under-aged children from a previous marriage are not adopted by your spouse, then provisions need to be made for them. A prenuptial agreement will ensure that financial support is provided for your children if a divorce occurs.
If it has been determined that you or your spouse will not pursue your career and become a stay-at-home parent, then a prenuptial agreement can address the financial aspects of this arrangement during the marriage. It can also address the type of spousal support that will be paid during or after a divorce, or if it will be paid at all if a divorce were to occur.
If you are considering a prenuptial agreement, then you should consult a lawyer. A prenuptial agreement can be a challenging document to draft. It requires precision and attention to details. You need a lawyer who knows how to craft such a document. His knowledge will allow him to prepare an impenetrable prenuptial agreement that will withstand any challenge in court. Both your prenuptial agreement and attorney will function as one to protect your interests.