A prenuptial agreement (commonly known as a “prenup”) is a common type of marital contract that some couples decide to enter before their wedding to ensure their interests are protected in the future. If a couple has to make the difficult decision to divorce at any point, a prenup can help both parties avoid many of the hurdles that commonly arise in matters of property division when a marriage ends. Specific considerations must be made before entering a prenuptial agreement, and it is important to obtain competent legal counsel from a skilled marital agreements attorney to help you make an informed decision.
A Saratoga Springs prenuptial agreements lawyer could assist you in preparing a legally enforceable contract that addresses your wishes and concerns while protecting your assets in the event your marriage comes to an end.
There are numerous valid reasons why a couple should consider creating a prenuptial agreement. One common reason couples draw up this type of document is when one of the parties earns significantly more than the other. However, even without that disparity, a prenup allows both parties to clearly outline their wishes and establish a plan to overcome many of the financial obstacles that could arise out of a divorce.
By creating a premarital agreement, each party can preserve their ownership of certain assets rather than leaving it to the court to decide how to distribute property and debts. This type of contract can also be a valuable way for a party with a disproportionately lower net worth to safeguard their property so a divorce does not ruin their ability to be self-sufficient. A Saratoga Springs lawyer could discuss the various concerns that a person would like to address in their prenuptial agreement and help create a document that reflects their wishes while remaining equitable to both parties.
One of the distinct benefits of creating a prenuptial agreement is that it allows both parties to solve many of the disputes that would normally come up during a divorce. This saves considerable time and headaches in family court. State law requires judges to apply equitable distribution when dividing property during divorce. Therefore, if two spouses divorce, the property acquired before the marriage will usually remain with the person who obtained it, and assets obtained during the marriage are subject to division. One important provision to include in this contract concerns how the disbursement of assets will be handled if the marriage ends or if one spouse passes away.
A comprehensive premarital agreement in Saratoga Springs should also include provisions such as either party’s entitlement to spousal support, the management of each party’s debt, and the distinction between separate and marital assets. A local attorney could help draft a detailed prenuptial agreement that protects one party’s property and financial future.
It is a common and accepted practice for engaged couples to claim assets and debts in a legally-binding contract before they get married. The most advisable next step if you would like to get a prenup is to reach out to an attorney who could provide more information on your specific situation. A Saratoga Springs prenuptial agreements lawyer could go over any concerns you have and help you determine legal options. To get started on creating your marital contract, give us a call to schedule your legal consultation.
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