19 Jul Broaching the Subject of a Prenup
Marriage in New York State subjects the parties to a set of financial rules and realities. Real estate, business interests, pensions and other assets become part of the economic partnership called marriage. Many people planning a marriage wish to place certain assets outside the designation of “joint assets.” This can be done in a pre-nup by defining and excluding certain items from the joint asset mix. Pensions and business interests are two such assets.
A pre-nup is a contract between two people who are about to marry. By defining in advance which assets belong to which party, a future divorce will be bound by the terms of the pre-nup contract. Many clients who ask about pre-nups are marrying for the second or third time, and are veterans of the divorce wars. In such cases, the presence of children by a previous marriage is an important consideration. Do you want your new spouse to obtain much of these assets by way of divorce?
Broaching the subject of a pre-nup with a fiancé is a delicate matter requiring some tact. Nevertheless, a pre-nuptial agreement is a useful, effective tool in the field of financial planning. The amount and duration of maintenance can be resolve by way a pre-nup also.
At one time, pre-nuptial agreements were thought to be reserved for use by wealthy persons only. That is no longer true. A pension over the life of a marriage may grow by hundreds of thousands of dollars. Businesses grow and real estate can appreciate substantially. You can control the evaluation and distribution of these assets (and more) with a pre-nup.
Prenuptial agreements, if done correctly, will be upheld by New York Courts. In order to have your pre-nup done correctly, seek the guidance of an experienced family law attorney. Contact the family law firm of Mangi & Graham, LLP. They have extensive experience in preparing, negotiating and litigating pre-nup contracts. For additional information, call (516) 294-1949 to make an appointment for a free consultation.