When it comes to prenuptial agreements, there are a lot of misconceptions. Read on to learn about some of the most common myths surrounding prenups in New York.
What is a Prenuptial Agreement?
A prenuptial agreement is a document that declares how your and your spouse’s assets will be divided in the event of separation, divorce, or death. If a divorce occurs, a prenuptial agreement can help couples avoid a lengthy and expensive litigation process.
What are some of the Most Common Myths Surrounding Prenups?
A prenuptial agreement can be beneficial for a number of reasons. Unfortunately, many couples avoid creating prenups due to some of the common myths surrounding them. Some of these myths include:
A prenup indicates an unstable marriage
Some couples feel wary about creating a document that plans for the end of their marriage. The truth is, a prenup in no way indicates an unstable marriage or an impending divorce. Instead, it indicates a responsible couple planning for all future possibilities. Signing a prenup can help ensure that both parties feel safe and secure when entering this new chapter of their lives.
A prenup is not necessary- we can keep our assets separate
In the event of a divorce, the couple’s assets will be divided through the process of equitable distribution. This means that your assets may not be split 50/50 but instead will be split in a way that is fair to both parties. When it comes to equitable division, marital property will be divided, but separate property is generally off the table. Marital property refers to property that was acquired during the marriage, whereas separate property was obtained before the marriage, or during the marriage but purposely kept separate. It is important to know that separate property can become marital property. For example, if you own a home but your spouse moves in and helps make mortgage payments, the house becomes marital property and is subject to equitable division. Without a prenuptial agreement, it can be difficult to keep separate property separate.
There is no imbalance when it comes to assets, so we don’t need a prenup.
Some couples believe a prenup is only necessary for especially wealthy couples. Additionally, some believe you only need a prenup when one spouse has substantially more assets than the other. Both these assumptions are false. A prenuptial agreement can benefit anyone who has any assets they want to protect.
If you are interested in creating a prenuptial agreement, contact our experienced firm today.
CONTACT OUR FIRM
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.