Manhattan Prenuptial Attorneys

Last Updated on

Who Uses Prenuptial Agreements?
Years ago, when prenuptial agreements were first introduced, they were primarily used by the wealthy to safeguard their finances. I spouse was asked to sign the contract as a means of ensuring each partner took from the marriage whatever they brought into it and, for the upper classes, this was an important concern. Today, however, prenuptial agreements are employed by people of every economic standing for the reason mentioned above, as well as for many other reasons. It’s now a legal tool often used to ensure divorces are quicker and less painful.
Why Do You Need a Prenuptial Agreement?
prenuptial agreement isn’t required to get married, so, in that respect, no one is required to get one. However, many couples see the advantages of having one in place and seek out an experienced attorney to help get one drafted. Under what circumstances is a prenuptial agreement most beneficial, then?
The goal is to protect your assets in a divorce settlement, so, before tying the knot, you may want to look at your specific situation. For instance, if you own your own business, expect a large increase in income, or anticipate receiving a sizable inheritance, a prenuptial agreement may be your best course of action. This is especially true if you’re significantly wealthier than your intended spouse.
Prenuptial agreements are often utilized in situations where one spouse expects to support the other spouse, while he or she pursues a college degree. In that case, the agreement may establish conditions under which that support must be repaid, or it may line out other considerations. Similarly, one spouse may expect to pursue a degree or certification that will lead to a more financially rewarding career.
There are a few other conditions under which a prenuptial agreement may be considered. The possession of real estate, stocks, retirement accounts, etc. are all items that you would want protected from a divorce settlement. Also, one spouse may have older parents or young children who depend on them for their financial future. Under such circumstances, they will want to ensure funds intended for them aren’t dispensed in a divorce settlement.
What A Prenuptial Agreement Cannot Do
In many cases, a well planned prenuptial agreement can limit the length and scope of a divorce court hearing. If property issues are settled in the agreement, there’s little need to rehash those details at the time of the divorce, ensuring a quicker settlement. There are some items that cannot be included in a prenuptial agreement, however.
Where children are products of the marriage, there will be issues of custody, visitation, and support to settle. The terms and reasons for the divorce may have a direct bearing on what’s best for the children, so including these items in a prenuptial agreement may just be a waste of time and resources. In the end, it’s up to family court to determine the best situations for any children involved and there’s no telling how that may be affected in the years between the drafting of the prenuptial agreement and the time of the divorce.
As a rule, any details that don’t directly deal with the distribution of property and finances should be omitted from the prenuptial agreement. Errors of this nature are common in agreements drafted without the assistance of an experienced lawyer. While hiring a family law attorney may create an added expense, it may be worth it to ensure the prenuptial agreement isn’t invalidated at the time of divorce.