On behalf of Cobert, Haber & Haber Attorneys at Law posted in Alimony on Thursday, November 10, 2016.
As unromantic as prenuptial agreements may sound to couples who are contemplating marriage in New York, they can be a great conflict and argument deterrent in the future. Not very many people think about what could happen to their relationships later on down the road when they are in the midst of a divorce. However, doing so can enable them to take measures to protect themselves.
The dividing of assets and money can be quite contentious for divorcing couples, especially if they have been married for many years. After so long, it can be challenging and confusing trying to figure out what rightfully belongs to one another. According to Fox Business, a prenuptial agreement can help to protect ownership of certain premarital possessions if those items are listed in detail to prevent future disagreements.
Prenuptial agreements are legally binding contracts that couples enter into before marriage. They give a detailed accounting of how a couple’s assets should be divided if divorce occurs. Some divorces can be hard to resolve amicably, especially if there are a lot of assets or money involved. Couples who take the time to discuss their circumstances and plan ahead in case divorce is an outcome are in a much better position to recover and move on.
It is important for couples to realize that prenuptial agreements cannot resolve all financial disagreements in a divorce, states the AARP. All income, debts and assets should be disclosed by both parties. Witnesses are required and other criteria must be met in order for their prenuptial agreements to be valid.
With a prenuptial agreement in place, couples who end up going through a divorce in the future can avoid many of the financial disagreements that often accompany the situation.
