Organizing your finances as a couple before getting married can be viewed as being rather unromantic. However, the truth is, being open and honest about your financial interests can actually make for a stronger relationship.
A prenuptial agreement is a common way for couples to put their financial requirements on the table earlier in the relationship. Essentially, a prenuptial agreement is a legally binding instrument that outlines what will happen with your finances in the event of a divorce. Not only can a prenuptial agreement benefit you, but it may also be in the best interests of your spouse.
Prenuptial agreements can be tailored precisely around your needs
The drafting of prenuptial agreements is a flexible process, meaning that as few or as many terms as you wish may be included. You might only be concerned with one issue in particular, such as protecting pre-marital property. In such a case, your prenuptial agreement can be fixed so it addresses this concern alone. Additionally, you could be worried about several different aspects of your financial situation, such as wills, trusts, and business assets. Having a solid prenuptial agreement in place can remove these concerns and set you up for marriage with fewer financial disputes.
Protection is offered for both spouses
Typically, for a prenuptial agreement to be enforceable, it must also be fair. For example, both parties should sign the agreement voluntarily in the presence of legal experts. Honesty is also a vital component. Thus, both parties must be honest about their financial circumstances, including any outstanding debts. Both you and your partner are able to have input in drafting the agreement. The result of this is that you are afforded peace of mind during the marriage, as well as support systems in the event of a divorce.
Open and honest communication about finances is often a key component of a successful marriage. In New York, it is important to remember that you are legally protected as a spouse.