Why Couples Choose Prenuptial Agreements
For many, prenuptial agreements may seem like only something that celebrities choose to enter into to protect their wealth. However, prenuptial agreements offer concrete benefits to many couples, regardless of their financial status. The following are several reasons why couples opt to take this route:
- Gives you control: With a prenuptial agreement in place, you can rest easy knowing exactly how your assets will be divided should you and your spouse divorce. Without this type of contract, property will be subject to negotiations between you and your spouse’s attorney, or be divided by a court according to state law.
- Avoids arguments: While no one wants to think about divorce when they are about to get married, having a prenuptial agreement gives each spouse realistic expectations about what will be provided in case the relationship dissolves. This can reduce arguments in divorce proceedings because both parties have already agreed to the breakdown of asset ownership.
- Passes down property: If you have children from a previous marriage, a prenuptial agreement can be used to bestow assets to those children in the case of your death. Should you die without this agreement in place, the majority of property could be divided according to New York State law and will most likely be passed down to your spouse.
- Protects against debts: If one spouse is entering into the marriage with considerable debt, a prenuptial agreement can protect the other partner from being liable for those debts should the marriage end. This can be especially beneficial to spouses of business owners who have taken financial risks for the sake of a company.
If you would like to create a prenuptial agreement, it’s important that you work with a skilled lawyer, who can create a valid contract for you and your spouse to sign. For further guidance, speak with an experienced family law attorney at Bryan L. Salamone & Associates.