When a couple decides to tie the knot, they often question whether they should create a prenuptial agreement. Though it may be unpleasant to consider the end of a marriage before it even begins, taking the necessary precautions to safeguard one’s assets is crucial. Unfortunately, over 50% of marriages end in divorce. Having a prenuptial agreement can protect you from an uncertain future. But with so many assets that could be claimed, divided, or forcibly surrendered, it’s imperative to know what your prenuptial agreement should cover. Please continue reading to learn what your prenuptial agreement should include and how a trusted Suffolk County Prenuptial Agreement Attorney can help protect your rights.
What is a Prenuptial Agreement?
A prenutpial agreement is a legally binding contract that two soon-to-be-married individuals sign, in which they stipulate the terms of their union. Essentially, this agreement outlines what will happen in the event the marriage fails, particularly concerning their property. It specifies how their assets, debts, and spousal support will be handled in a divorce. This document aims to protect each party’s financial interests. A prenuptial agreement must meet all the necessary legal criteria to be enforceable in the state.
Understanding that New York courts must divide marital property in an “equitable” manner is crucial. This means fairly, considering the circumstances of the case and the parties involved. However, it doesn’t necessarily mean “equally.” There is no statutory requirement of a 50/50 split of marital property as New York is an equitable distribution state. Therefore, with a prenutpial agreement, you can easily lay out whose property belongs to whom and what will happen to it during a divorce.
What Should It Include?
As mentioned above, New York is an equitable distribution state. It’s important to outline whether any property will become marital property. Separate property is any property you acquired before getting married or that you solely inherited or were gifted during the marriage. Marital property, on the other hand, is that which has been accumulated by each spouse during the marriage. A prenuptial agreement should include how marital property will be divided in the event of a divorce and what assets are separate property. This ensures you won’t have to leave it up to chance or the courts, as the court will divide marital property equitably between each spouse.
In addition to disclosing premarital and marital assets, a prenutpial agreement should also outline how you will handle debt in your marriage. This includes your debts and those acquired during the union. If one spouse has debt entering the marriage, include whether both parties will be responsible for paying off the debt. This can protect you from being subject to creditors in the event of a divorce.
Should I Include Spousal Support Provisions?
It’s also essential to address spousal support. It’s doubtful that both spouses make the same amount of income. As such, the court will likely order the higher-earning spouse to provide financial support to the lower-earning spouse so that they can maintain the lifestyle they were accustomed to during the marriage. A prenuptial agreement can reduce or waive a spouse’s right to spousal support. However, remember that a judge can terminate this provision if they believe it’s unfair to one party.
Ultiamtely, these are just some of the things to include when drafting your prenutpial agreement. Having a prenuptial agreement doesn’t mean your marriage will end; it’s simply there to protect both parties’ interests. If you’re interested in knowing more about prenuptial agreements, contact The Law Offices of Susan A. Kassel, PC, to discuss your circumstances.
