In recent years, more and more couples have opted to create a prenuptial agreement. Essentially, a prenuptial agreement is a contractual document that is created before marriage that dictates “who gets what” in the event of a divorce. A prenuptial agreement is a practical option for those who wish to have a sense of security in the unfortunate event that their marriage fails. The terms of this legal contract must be mutually agreed upon by both parties. A prenuptial agreement can be extremely beneficial, however, there are certain drawbacks. Regardless of the drawbacks, a prenuptial agreement may be the right option for your specific needs. Please contact a trusted Rockland County Prenuptial Agreement Attorney who can help you weigh the pros and cons of creating this type of legal contract.
What are the advantages and disadvantages of a prenuptial agreement?
A prenuptial agreement has several benefits as it stipulates how assets will be divided in the event of a divorce. Financially, this is a great option for couples that wish to protect their hard-earned assets. The division of assets is one of the most overwhelming aspects of divorce as a lot is at stake. However, with a prenuptial agreement, the division of assets has already been decided. This takes a lot of stress off both parties. Prenuptial agreements force couples to disclose all of their assets and debts. Discussing money before tying the knot is beneficial because many divorces occur as a result of money disagreements. Having the chance to discuss how their money will be handled in marriage can save couples the stress of fighting over it later on. Many couples neglect to create this type of legal agreement because they do not want to think about getting divorced before their marriage has even begun. However, it is always better to be prepared for the unexpected.
In addition, prenuptial agreements allow both parties to make decisions rather than the court. If both parties cannot mutually agree on the terms that will apply to the termination of their marriage, the courts will have to intervene and decide for them. This means assets will be divided fairly between both parties, not necessarily equally. This is because New York is an equitable distribution state when it comes to property distribution. This means the court can decide what they believe to be a fair division of assets that may not be in one spouse’s favor. A prenuptial agreement allows couples to mutually agree on a fair set of conditions. They will have full power over the division of assets as they have specified in their agreement. One of the few cons of this type of legal contract is that it could favor one spouse. Sometimes the conditions of the agreement are not fair for both parties. When this occurs, an experienced Rockland County prenuptial agreement attorney can help make the agreement equally fair for both parties.
Ultimately, a prenuptial agreement can save couples a substantial amount of time and money in the long run. There are certain drawbacks to drafting this type of legal contract, however, the pros typically outweigh the cons. If you are interested in creating this type of legal contract, please don’t hesitate to reach out to one of our determined and adept attorneys. Our firm is committed to helping you protect your hard-earned assets before you tie the knot.