If you are getting married, you may have considered a prenuptial agreement. You may be hesitant to bring up the issue, fearing your partner may become angry or believe that you are planning a divorce before the marriage even occurs.
However, prenuptials are simply good financial planning. About one-third of first marriages end in divorce. Divorce statistics for second and third marriages are much higher.
Therefore, no matter how compatible you are and committed to the marriage you are, there’s a chance you will be headed to divorce court. If one party is bringing significantly more assets or earning power into the marriage, it’s smart to draft an agreement that will spell out what happens in advance in the event of a divorce.
Some other reasons you may want to do a prenup include if you may be receiving an inheritance, if one of you will be supporting the other through college or grad school, if you own a business, or if you have children from a previous marriage.
A prenup will define the rights and duties of each party during a marriage, and in the event of death or divorce. Prenuptial agreements can address alimony, how property will be divided in the event of a divorce or death, and how life insurance proceeds are to be divided. Prenuptial agreements cannot waive child support or address other matters that would violate public policy.
If prenuptial agreements aren’t prepared correctly, they can be thrown out. Therefore, it’s important that you hire an attorney who is very knowledgeable about divorce and prenups.
If you’re in New York, call the New York Family Law & Divorce Attorneys at Friedman & Ranzenhofer at 716-542-5444. Our attorneys are knowledgeable about prenuptial agreements and will be happy to help.