When you and your spouse get married, you’re likely over the moon and excited to plan. However, one thing you may not have considered is establishing a prenuptial agreement to protect your assets in the event you divorce. Though it may not seem romantic, having a conversation with your future spouse is critical, as you may decide it’s in your best interest. If you and your spouse have considered signing a prenuptial agreement before marriage, you should not do so without consulting an attorney. The following blog explains what you must think about before signing this legally binding document with the assistance of a Nassau County prenuptial agreement lawyer.
What Are Prenuptial Agreements?
Prenuptial agreements, commonly referred to as prenups, are used to discuss how property and assets will be divided in the event a couple should divorce. Unfortunately, there are many misconceptions surrounding these documents, such as that only wealthy couples will benefit or that couples who sign these are bound to divorce. In reality, these help ensure that property rights are clearly established to provide peace of mind for both parties.
For some, a prenuptial agreement helps protect both spouses, as it allows the parties to discuss their wishes for property. For example, you may decide that whichever spouse receives custody of the children will remain in the family home. Additionally, if one spouse has more assets or children from a prior marriage, a prenup can help shield these assets from the division of property during a divorce.
What Should I Do Before Signing a Prenuptial Agreement?
If you and your spouse are ready to create a prenup, there are things you must do before signing the dotted line, as this is a legally binding document.
One of the most important things you should consider is whether or not this document is fair to both spouses. If the division of property is unfair or disproportionate a judge can render it void, and the courts will make their own decision regarding this matter.
Additionally, you’ll want to ensure you and your spouse have disclosed all assets and debts. Unfortunately, some people may be embarrassed about the amount of debt they have or do not want to reveal the extent of their wealth. However, this can invalidate the prenup in the event a divorce does occur.
Finally, you’ll want to ensure you have an attorney review your document. Though you may love and trust your fiance, ensuring you have legal representation reviewing the document confirms it is fair and the language is legally binding. Additionally, they can inform you if there are terms and conditions in the agreement that will render it void, such as including terms about child custody in the agreement.
At Barrows Levy, we understand that discussing prenups with a spouse can be difficult, but this is an essential process. As such, our team will do everything possible to help you ensure your prenup helps set you up for a fulfilling union. Contact us today to learn how we can assist you.