Though many people feel that preparing for a divorce before they are officially married is a rather dreary thing to do, it may actually save them in the long run. Divorce can be an extremely challenging emotional hurdle to jump, and when your assets are up in the air because of one, the financial aspect of your life can also become a significant source of stress. Thankfully, this can be avoided by simply drafting a prenuptial agreement. If this sounds like something that may appeal to you, please read on to learn more about the process. Here are some of the questions you may have:
What does a prenuptial agreement do?
Prenuptial agreements are for all those who seek to avoid the litigation process. When divorce enters litigation, both spouse’s marital assets are up for equitable distribution. Simply put, equitable does not always mean equal, which is why many spouses worry that their assets, including their house, may be up for grabs. Fortunately, a prenuptial agreement can help avoid all that by establishing a written agreement with terms that both spouses can agree on. Some of the issues a couple may address in a prenuptial agreement are as follows:
- How former spouses will contribute to child support or alimony payments
- How their property will be divided, should they divorce
- Both spouse’s right to buy, sell or manage specific marital assets
- How life insurance policies should be managed or owned
- Spouse’s right to join or separate property
- Potential terms of child custody, should the couple ever divorce
- Any other aspect of a divorce that a couple seeks to address, as long as they are in accordance with public policy
What makes a prenuptial agreement valid and enforceable?
For a prenuptial agreement to legally take effect, it must meet the following standards:
- Prenuptial agreements must be in writing
- They must be notarized
- They must be fair and just for both parties
- They must be executed before marriage
- They must include a full financial disclosure at the time of signing and execution
- They must be voluntarily signed by both parties
Fortunately, those who are already married are not out of luck. Though it may be a bit harder to explain to your spouse, you may request drafting a postnuptial agreement. If you would like to draft a marital agreement with your fiance or spouse, please do not hesitate to reach out to our compassionate and knowledgeable firm who would be happy to get the ball rolling.
Contact our experienced New York 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.