Divorce rates have skyrocketed in recent years. Married couples never think they will get divorced; however, marriages do fail. Whatever the reasons may be, marriages don’t always work out. When a divorce occurs, marital assets will be divided. To protect each parties hard-earned assets, couples should consider establishing a prenuptial or postnuptial agreement. Essentially, these agreements help couples assign who gets what during the division of assets in a divorce. If you want to protect your assets in the event of a divorce, contact a trusted Rockland County Prenuptial Agreement Attorney who can help you create a prenuptial or postnuptial agreement.
What should be included in a prenuptial or postnuptial agreement?
Essentially, the purpose of a prenuptial and postnuptial agreement is to dictate who has ownership over specific marital assets if the marriage does not work out. A prenuptial agreement is drafted before marriage, while a postnuptial agreement is drafted after the marriage takes place. Sometimes, married couples do not have enough time to draft a prenuptial agreement. Married couples can still protect their assets through a postnuptial agreement after the marriage. It is important for married couples to take into account not all of their assets are considered marital property. Any assets that were accumulated before the marriage took place are typically not up for division in a divorce because they are considered separate. However, any assets that were accumulated during the marriage are up for division.
When a married couple formulates this type of agreement, they should include certain provisions. In a prenuptial or a postnuptial agreement couples must include how their property should be divided. Especially, if the married couple has more than one property or any shared real estate. The agreement should specify whether one spouse will have to pay spousal or child support payments. The amount and duration of support payments can also be specified. In some cases, married couples during the span of their marriage accumulate marital debt. Typically, married couples take out loans to buy their homes or have joint banking accounts. Through this couples could accumulate a substantial amount of debt. In a prenup or postnup couples can dictate how they want their marital debt divided. Additionally, in the unfortunate event one spouse dies, this agreement can dictate how their assets will be passed. Regardless of whether an individual believes they will never get a divorce, they should still take the extra precaution and create a prenuptial or postnuptial agreement to protect their assets.
If you are interested in creating a prenuptial or postnuptial agreement, don’t hesitate to contact one of our skilled and determined attorneys. With years of experience, our firm can help you take the next steps in safeguarding your assets.