Rather obviously, the last thing fiances or spouses-to-be want to think about is divorce. However, divorces happen, and when they do, couples are forced to deal with the emotional and financial turmoil that very often ensues. Couples generally seek to avoid the litigation process in a divorce, however, this is not always possible, and if the couple did not establish a marital agreement and cannot come to a compromise through some method of divorce mediation, their assets may be subject to equitable distribution.
Unfortunately, both spouses are very often left feeling discontented with the outcome of their divorce, because “equitably” rarely means “equally.” If you wish to prevent an unfair distribution of assets, one of the best things you and your spouse-to-be can do is draft a prenuptial agreement. If this sounds like something that may appeal to you, please read on to learn more about what a prenuptial agreement can do for you.
What is the purpose of drafting a prenuptial agreement?
Couples seek to draft prenuptial agreements to tackle several financial and marital issues. For example, some couples draft prenuptial agreements to:
- Determine how property will be distributed in a divorce
- Predetermine child custody, child support, or spousal support agreements in the event of a divorce
- Document both spouses’ right to buy, sell or manage marital assets
- Detail both spouse’s right to join and separate property in a divorce
- Document how life insurance policies will be handled
- Preserve their assets, such as inheritances or any other asset accumulated before, or during a marriage
What makes a prenuptial agreement legally enforceable?
As with all legal documents, prenuptial agreements must meet certain qualifications to be considered legally enforceable. They are as follows:
- They must be in writing
- They must be fair and just for both parties
- They must include full disclosure of each spouse’s financial situation
- They must be executed before marriage
- They must be notarized
If you are already married and have not drafted a prenuptial agreement, do not fret–you may still draft a different marital agreement to preserve your assets. Those who are already married may draft a postnuptial agreement, which serves the same purpose as a prenuptial agreement. However, postnuptial agreements are, rather understandably, a touchy issue at times. This is why you must openly and honestly explain to your spouse why you are requesting one. As long as you both agree that drafting a postnuptial agreement is the right thing to do, you may contact our firm and request our assistance.
Contact our experienced New York firm
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.