Understanding Prenuptial Agreements
In the U.S, half of all marriages will end in divorce. With such a high divorce rate, wouldn’t it be reasonable for you to want to protect your assets? At Simonetti & Associates, we have the best Suffolk County family Esq! If you are currently engaged and are interested in creating a prenuptial agreement between you and your partner, then give us a call. We have decades of experience in preparing prenuptial agreements. We can help you figure out if a prenuptial agreement is right for you and work with you to ensure that your assets are protected.
What is a Prenuptial Agreement? Ask Our Suffolk County Family ESQ
A prenuptial agreement or “prenup” is a legally enforceable contract created by a couple before they get married. The intended plan with a prenup is have the couple to set specific terms and handle any issues that may arise if they get divorced. The prenup lists each person’s assets and debts while also stating what each person is entitled to. By creating a prenup, you can finalize your divorce quickly and minimize your legal fees later on.
Who Needs a Prenup?
While it may seem as though only wealthier individuals are getting prenups, that is far from the truth. Anyone who has the desire to protect their assets can get a prenup. Some additional reasons for why you may way want to get a prenup before marriage include:
- To have peace of mind
- To determine how your assets will be distributed after your death
- To protect yourself from assuming your partner’s debts
- To protect your family’s business
- To clarify your financial rights and responsibilities
- To leave property to children from a previous marriage
- To protect your future inheritance
What Cannot Be Included in a Prenuptial Agreement
Certain things cannot be included in a prenup. Otherwise, the entire prenup can be set aside. These matters include:
- Decisions about child custody or child support payments
- Details about personal preferences(i.e., Chores, child-rearing, holiday plans)
- Provisions encouraging divorce
What Happens Without a Prenuptial Agreement
If you decide not to get a prenup before marrying your partner, your state will decide how each person’s assets will be divided based on their family laws. In New York, the rule of equitable distribution is followed. This means that the court will oversee a fair and equal distribution of the couple’s property. However, the court’s idea of equal distribution may not be to your liking.
Some things that your partner may be entitled to include:
- Some of your property after your death
- Debts acquired during the marriage
- Property acquired during the marriage and the responsibility in managing them
When Can The Prenuptial Agreement Be Challenged?
If you believe that the contract is invalid, then it is your responsibility to prove this. At Simonetti & Associates, our attorneys have extensive experience in challenging prenups and can assess your prenup to help you during your dispute. Your prenup may be invalid if it is found that:
- You were pressured into signing it
- You did not read it before signing it
- There is false information listed
- You were not given sufficient time to consider it
- There were inappropriate provisions listed
Suffolk County Family ESQ
If you or someone you know may be interested in preparing a prenup, contact us at Simonetti and Associates for a free consultation. Our Suffolk County family Esq is ready to help you secure your financial freedom! If you have any questions about our services, then feel free to visit our website.