If you are planning on getting married, it is in your best interest to construct a prenuptial agreement before your wedding day. A prenuptial agreement is a contract made between two parties before they get married, which discusses how they will divide up their assets in the event that they get a divorce. Although no one plans on getting divorced before they have even tied the knot, this is a smart thing to do. An intelligent prenup attorney could talk to you about the unique aspects of prenuptial agreements in Albany.
Disagreement over a prenup should not imply that a couple intends to cancel the wedding or initiate a divorce, it is merely a chance to make clear who owns which assets, properties, or debts when coming into a marriage. Although prenups are traditionally used for couples preparing to get married, it is not necessary for anyone to have marriage plans in order to enter into a valid contract stating their separate assets.
A prenup safeguards a spouse because it already lists out all of the parties’ separate assets and liabilities. Thus, if they ever end up divorcing or separating, the distinctions have already been made and there should be no arguments or attempts by the other party to take something that is not theirs. The fact that the division of property is theoretical and might not actually happen is one of the unique aspects of Albany prenuptial agreements compared to other marital contracts.
If one of the individuals enters into the marriage with a house of their own, they can put that into the prenup and ask that any additional value placed on the house during the marriage (with or without the spouse’s input or contribution) not change the fact that it would be their sole property. There could be stipulations that, even if someone’s partner uses a piece of property, the original owner will retain it after a divorce.
A prenup can include a stipulation that says whether they will want to waive spousal maintenance or whether there should be a cap to any spousal maintenance. Because alimony tends to be dependent on each party’s economic situation at the time of separation, it would be wise to have an Albany lawyer look over any spousal maintenance provisions in a prenup.
One unique aspect of prenuptial agreements is that they play almost no role in the custody or rearing of children. If the couple is entering into their marriage with children, either from a previous relationship or their own relationship, they cannot include child custody or support orders in the prenup. In addition to the emotional fissures that this would create, a custody decision considers numerous factors about the child’s life which cannot be known ahead of time.
In general, prenups only concern what will happen in the event of a divorce. It cannot dictate what each person can and cannot do during their marriage, including how they handle their assets. It also cannot stipulate the rights and responsibilities of each party during their marriage.
It is hard to later void a prenuptial agreement. One of the primary ways this can occur is if it was signed under duress by one or both parties. If it can be proved that this was not the intent of the signer(s), or that some kind of fraud has been committed, it is possible to nullify the prenup. It could be as simple as proving they did not have a chance to look through it properly before signing or that they did not have a lawyer with them to look out for their interests.
Many people find the prenuptial process to be awkward or concerning, but this is a common feature of marriages that could prevent conflict down the road. The unique aspects of prenuptial agreements in Albany might require the assistance of a lawyer who knows what these contracts should look like. Reach out to one now to protect your personal assets.
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