Before you get hitched, you may be considering establishing a prenuptial agreement. This contract has various benefits, including shielding each party’s hard-earned assets in the event of a divorce. However, what many couples overlook is how this document can address alimony. Alimony is a type of financial support that may be awarded to a dependent spouse following a divorce to help the non-paying spouse maintain the quality of life they were accustomed to during the marriage. Please continue reading to learn how to address alimony in a prenuptial agreement and how a dedicated Suffolk County Prenuptial Agreement Attorney can help you today.
What is a Prenuptial Agreement?
A prenuptial agreement, commonly known as a prenup or premarital agreement, is a legally binding contract signed by a couple before marriage. This document stipulates each party’s assets and outlines how they’ll be handled should the couple decide to dissolve their marriage. Prenups are intended to protect each party’s financial interests.
While this contract can comfort couples in knowing their hard-earned assets will be protected in the event of a divorce, many couples are hesitant due to the stigma attached. Many individuals find establishing a prenutpial agreement an omen that their marriage will fail as it indicates a lack of trust. However, this is not the case. A properly crafted prenup is a valuable tool that can protect both partners in the event of a divorce. Aside from shielding assets, a prenup can help couples align their finances.
Can I Include Alimony in a Prenuptial Agreement in New York?
As mentioned above, a prenup can help determine how assets and debts are distributed during a divorce. However, a prenup can also address alimony. When you discuss the terms of your prenup, you should consider whether or not alimony is suitable for your particular situation.
One of the ways you can address alimony in a prenup is by waiting it altogether. Essentially, this means you would remove it from the table in the event of a divorce, and neither party would have the right to request this type of financial support during divorce proceedings. Typically, couples opt for this in exchange for a more favorable division of marital property.
Moreover, while every state has its formula to determine how much alimony should be awarded and for how long, you can limit what sources of income can be used in determining an alimony order. It’s also possible to include a stipulation where alimony will only be awarded if the divorce occurs after a specific period.
Ultimately, how you address alimony in your prenup is entirely up to you and your spouse. However, making informed decisions based on your financial situation and each party’s wishes is essential. Therefore, you should enlist the help of a trusted attorney from The Law Offices of Susan A. Kassel, P.C., who can help you establish a well-crafted prenup that covers all your bases.
