Do you need a prenup? Ever wonder how a prenuptial agreement works? The truth is, marriage is not only a romantic relationship but also sort of a business relationship.
Some pros to having a premarital agreement
- If you have your own business or professional practice, a premarital agreement can protect that interest so that the business or practice is not divided.
- If one spouse has a large amount of debt than the other, a premarital agreement can protect the debt-free spouse from having to assume the obligation of the other.
- A premarital agreement can limit the amount of spousal support that one spouse will have to pay the other upon divorce.
- Distinguishing between what is marital and what is community property.
- Reducing conflicts during a divorce.
- Establishing procedures and rules for issues that may arise in the future.
Some disadvantage of a prenup
- It’s not romantic, most marriages are a financial partnership as well as a romantic one. But if you feel like discussing something like property and finances, as well as the possibility of divorce.
- The time may not be right, covering a premarital agreement will probably arise sooner or later in the marriage.
- The agreement may require you to give up your right to inherit from your spouse’s estate when he or she dies.
- Can create the lack of trust with the relationship in the future.
What can a prenup do for you?
- Protect one party’s assets.
- Protect a party from assuming the debts of the other spouse.
- Determine how property will be passed upon death.
- Clarify financial rights during a marriage.
- Avoid costly disputes in case of divorce.
What if you do not get a prenuptial agreement
- Share ownership dealing with property during the marriage.
- Receiving all of the property upon death.
- Sharing any debts acquired during the marriage.
Simonetti & Associates Law Firm has been voted Best Divorce Lawyer on Long Island for four years now. They have been serving all of Nassau and Suffolk County residents. Simonetti Law Firm goal is to always provide affordable and high-quality legal counsels. They maintain flexible offices hours, so an attorney are available to talk to the person virtually at any time. The main location is located in Woodbury New York, that has attorneys who are experienced, knowledgeable, and efficient.