Though it may not seem romantic, you’ll want to consider discussing the benefits of a prenuptial agreement with your partner before the wedding. If you decide this is the right option for your needs as a couple, you’ll need to take the steps to ensure the agreement is fair for both parties with the help of a Nassau County prenuptial agreement lawyer. Keep reading to learn more about prenups and how to ensure fairness and validity to protect your assets before you tie the knot.
What Is a Prenuptial Agreement?
A prenuptial agreement is a document created and signed by both spouses before they are legally married. This discusses how the couple will split their marital assets, among other considerations, in the event they are to divorce. States follow one of two distribution methods for divorcing couples – community property, which splits the marital assets evenly, or equitable distribution, which considers each spouse’s contribution to the marriage. This means the distribution of assets may not be 50-50. New York is an equitable distribution state. A prenuptial agreement provides the necessary protection for each spouse.
Generally, many assume this is only for high net-worth couples or those who believe their marriage is doomed to fail. This assumption is far from the truth. In reality, a prenuptial agreement is a great tool for couples to discuss their financial goals before marriage, creating an open line of communication.
How Can I Ensure the Agreement Is Fair?
In order to guarantee that both parties are fairly represented and can benefit from the prenup, it is imperative that both sides disclose the extent of their finances. If your partner seems hesitant or the math doesn’t make sense, they may be hiding something from you. This can impact you significantly in the future.
You should also try to settle the agreement well before the wedding. Unfortunately, some spouses will wait until a few weeks before going through this process, which places pressure on the other party. They may feel like they need to sign immediately to avoid embarrassment if they cannot agree before the wedding.
It’s also essential to be willing to negotiate. If you or your soon-to-be spouse come out with the majority of the funds or marital assets, this is not fair to the other party. It’s important to understand that you’ll need to compromise with your spouse to create equitable and beneficial terms for both parties.
When you and your spouse want to create a prenuptial agreement, you must do so under the supervision of an experienced attorney. At Barrows Levy, our dedicated legal team can help you navigate this complex matter to help you feel heard and that the agreement you sign is fair and represents your wishes.