It is important that both parties to a marriage are aware of their partner’s assets, debts, and income before and during the marriage. Marriage is an economic partnership, you and your spouse should identify what each of you is willing to share.
An option to spouses that wish to keep certain assets their own separate property is a Pre-Nuptial Agreement. This pre-marriage agreement is a legal contract between spouses which “addresses financial issues” and “any other issues” that you and your spouse might deem important. Such issues could include children, religion, career support, etc.
A Pre-Nuptial Agreement can protect a person’s property that may have accumulated property and investments earlier in life. It is important to consider “existing or future pensions, businesses, educational degrees and debts” as marital or separate property. Such an agreement might be necessary as “items that are brought into a marriage and commingled with income or property acquired during the marriage may become an asset of both spouses.”
Preparation of a wedding should include full financial disclosure and if necessary a pre-marriage agreement. The attorneys at Simonetti & Associates have years of experience drafting such agreements. Seek out their advice today.
Reference: Sherri Donovan, Esq., Should My Fiancee And I Have A Pre-Nuptial Agreement? (Available at http://www.divorcesource.com/ds/newyork/should-my-fiancee-and-i-have-a-pre-nuptial-agreement–3540.shtml)
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