Overview of Marital Agreements in Albany
Marital agreements are a common tool in many marriages. There might be a stigma associated with documents that prepare for an eventual divorce, but these contracts are a good idea for nearly every couple to have. You could learn about the benefits of having one by speaking with a compassionate marital agreements attorney. Let a legal advocate give you an overview of marital agreements in Albany so you can put your marriage on more secure ground.
What Constitutes a Marital Agreement?
A marital agreement is a contract between a married couple that details how certain property or marital assets are going to be divided in the event of a divorce. If the parties have children, the agreement can lay out custody and visitation rights, child support, and spousal maintenance. It can also address how long the post-divorce spousal maintenance will occur.
More than half of the divorces in Albany contain a stipulation and separation agreement that is incorporated into the divorce judgment. Most divorces do not go to any kind of trial – instead, the parties settle on some kind of agreement that they must abide by when separating.
The Scope of Marital Agreements
The scope of marital agreements can be broad because they can address nearly everything that the parties have, including property, assets, and debts, as well as children. Anything that could be contested will likely be mentioned in the agreement. Marital agreements only contain orders for marital topics. It does not address properties or assets belonging to third parties that either spouse might use or have access to.
Why Do Couples Enter into Marital Agreements?
Couples tend to want to have control over their own situation. By having a prenuptial agreement, they can prevent a contentious battle later in the event of a divorce. These contracts allow them to separate all of the valuables and properties that they acquired during their marriage in such a way that they can both be happy. Without a contract, a judge might declare ownership that both parties do not agree with. Marital agreements are all about having control over a chaotic situation. A marital or separation agreement is also likely going to be cheaper than having an attorney prepare for a trial, which can be expensive.
The benefit of entering into a separation agreement while the couple is still married is that all of the major issues will have been dealt with by the time a separation occurs, which streamlines the divorce process. Everything was hopefully agreed to while the two parties were still on good terms, so the contentiousness of the divorce does not dilute the negotiations. Yet even with time to prepare and hash out differences, spouses might not be able to come to a mutually satisfactory agreement. In that instance, a judge will make the decision for them.
How to Speed Up the Process
A lawyer could help someone in Albany set up a marital agreement by giving the party they represent a realistic overview of what they are entitled to and could provide clarity as to what the law says. By putting a stop to unreasonable suggestions, an attorney could speed up the negotiations and avoid having the spouse inflame the other party by desiring an outcome that is not going to be available by law.
The length that it takes to formalize a marital agreement depends on the number of assets and debts the couple has, and whether they have children or one party has more wealth or income than the other. Therefore, it may take more time for wealthier couples to reach a conclusion.
Work with an Attorney to Learn the Overview of Marital Agreements in Albany
Whether it is a prenup or a postnup, or you are planning out how your new child custody system is going to work, marital agreements can be highly beneficial. If you plan on entering into one, it is a good idea to speak with a lawyer first so they can make sure all of your assets and debts are included in the contract. Call now to learn more about the overview of marital agreements in Albany.