A prenuptial agreement, also called a premarital agreement, is a contract between two people who intend to get married. This agreement usually addresses issues relating to the parties’ income and property during the marriage, after the marriage if there is a divorce and after the death of one or both parties.
Benefits of a Prenuptial Agreement
- Protects your separate property
- Supports your estate plan
- Defines what property is considered marital property
- Reduces conflicts and saves you money if you divorce
- Clarifies special agreements between you and spouse
- Establishes procedures and ground rules for deciding future matters
Prenuptial agreements are becoming increasing more popular, by couples entering their second marriage. They are also common when someone is coming into a marriage with a significant amount of money.
Topics that May be addressed in a Prenuptial Agreement
- Retirement benefits
- Who pays household bills — and how
- How you will handle credit cards
- How to handle a business
- Non-responsibility for spouses debts
- Separate vs. Joint property
- Estate planning issues, such as providing for children from prior marriages or leaving family property
- Who gets what, including any alimony, if you separate or divorce
- Procedures for filing tax returns, including allocating income and deductions
- Whether to have joint bank accounts and, if so, how to manage them
- Agreements about specific purchases or projects, such as buying a house together or starting up a business
- Agreements to set aside money specifically for savings
- Agreements for putting each other through college or professional school
- Provisions for a surviving spouse in your estate plan or through life insurance coverage
- How to settle any future disagreements, such as with the help of a mediator
Protect your assets. Contact a Long Island Prenuptial Agreement Lawyer today.
An experienced attorney can make the process of creating a prenup as easy as possible. If the agreement is in compliance, it will be enforceable and, if contested by one spouse, upheld by the court. Our attorneys will make sure the agreement is created correctly and save you problems in the future. If you are getting married and are would like to discuss a prenuptial agreement, call us or contact us online.
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