When you and your spouse decide to tie the knot, you may not think about getting a divorce before you’ve even made it to the altar. However, it is important to realize that not all marriages will be successful, and taking the necessary steps to protect yourself during these times is critical. As such, if you and your spouse have discussed and decided that creating a prenup is in your best interest, you must know what information to include. The following blog explores what this document consists of and why connecting with a Nassau County prenuptial agreement lawyer is critical to ensure this contract represents you fairly.
What Is a Prenup?
A prenuptial agreement, commonly and informally known as a prenup, is a document a couple creates before their marriage that outlines what will happen in the event of a divorce. There are many reasons couples create prenups, from ensuring their assets are protected in the event of a divorce to speeding up the divorce process.
However, there is a stigma that surrounds these documents, as many assume discussing the idea of divorce before you’re even legally married means that your union is bound to fail. However, this is far from the truth as couples who create prenups often have strong foundations. This process requires full disclosure of all assets and debts, meaning each spouse understands the financial state of their partner before marriage, which can help ensure transparency.
What Should Be Included?
If you and your spouse have decided to create a prenuptial agreement, it’s important to understand what information you must include. Generally, the most important thing you’ll determine is how your split assets will be handled in the event of a divorce. As such, you’ll need to outline what assets are separate property and which are marital property. Generally, New York is an equitable distribution state, meaning any assets deemed marital property are subject to division based on each spouse’s contribution to the marriage. You can determine what assets you consider separate or marital property and how you will divide joint assets upon a divorce in your prenup.
You can also include terms regarding alimony. This includes creating terms and conditions to determine which spouse will receive alimony during the divorce and how much the paying spouse will allocate towards spousal support. For example, you may set a percentage of their income to account for any raises or promotions they may receive in the future.
What Should I Do if I Need Assistance With This Contract?
When creating a prenuptial agreement, it’s critical to understand that working with an experienced attorney is critical. Unfortunately, trying to create this document on your own can have unfavorable outcomes, as you and your spouse may forget to include certain assets, complicating the divorce process. Additionally, if you are unfamiliar with your rights, your spouse may include unfavorable terms.
However, working with an attorney from Barrows Levy PLLC can help ensure the terms and conditions of your document are fair. We will work to ensure your prenuptial agreement is legally binding and represents your best interests. Connect with us today to discuss your concerns.
