Contrary to the popular belief, prenuptial agreements are not only for wealthy couples. No matter whether someone has a lot of assets or is living paycheck to paycheck, creating a legally binding contract that protects their assets can be a good planning tool for the financial future. However, before creating or signing a prenuptial agreement it is extremely important to consult an experienced family lawyer like Ron Phillips New York. A lawyer would make sure that the agreement is reasonable, and ensures the best interests of their client.
Prenuptial agreements are legally binding contracts that many couples enter into today just before their marriage. These agreements ideally state what shall happen to the property of the couple in the situation of a divorce. It may also include details of how much one spouse shall inherit if their partner dies during the marriage. Certain prenuptial agreements also change or even eliminate a spouse’s right to spousal support in case the couple gets divorced. However, these contracts cannot limit the amount of child support payment to be made after a divorce.
A person belonging to any income level can sign a prenuptial agreement. Each couple has to tailor their prenuptial agreement based on their specific circumstances. There is no one-size-fits-all agreement, and hence couples have to take into account their financial and social situation when planning to have a prenuptial contract made.
Most prenuptial agreements include standard terms like how the assets, wealth, and debt shall be divided after a divorce. Some other terms that might be included are:
- Making use of alternative dispute resolution (or mediation) to divorce
- How the retirement and business assets will be handled
- If there is a family pet, who will get to keep it after the separation
- Whether one spouse will continue to live in the marital home, and if so, who shall be responsible for paying the insurance, mortgage and taxes
Typically, couples hire a family lawyer to get a prenuptial agreement prepared on their behalf. These attorneys tend to listen to the wishes and concerns of their clients, and customize the agreement on that basis. People may ask their lawyer for guidance about including varying legal provisions in the agreement. A lawyer with an adequate amount of experience in the industry, like Ron Phillips New York, will be able to properly explain the potential future impact of the provisions, along with the pros and cons associated with them.
If a person’s fiancé has already prepared a prenuptial agreement, they should ask their lawyer to review the agreement and if needed even negotiate the terms. It is always better that both the spouses have their own lawyer, so that they can get unbiased advice about their rights and interests.
Conversely, all states tend to have their own rules for prenuptial agreements. A good attorney would be needed to interpret those rules, so that the couple does not face any problems down the line.