You’ve been with your partner for a while now and you’re contemplating getting married. You trust each other, but you’ve also both established businesses and property portfolios that you want to keep.
You’ve heard about prenuptial agreements but are not quite sure what they do. Outlined below are a few reasons why you may want to consider this type of agreement before entering a marriage.
Defining your property
New York is an equitable distribution state. This means that should you get divorced, the family court will divide property based on what they think is fair to all parties. Both you and your spouse may have property that you wish to keep separate from one another, and this is your right. A prenuptial agreement can facilitate this.
Starting off on the right foot
Prenuptial agreements are often seen as a sign of mistrust and giving up on the marriage before it has begun. In fact, the opposite is more likely to be true. Prenuptial agreements show that couples are willing to be open about finances from the beginning. Dishonesty over finances is a leading cause of divorce, so you and your partner could be crossing this off of the list early on in your marriage.
A less stressful divorce
Ultimately, prenuptial agreements are about planning for all possibilities, and divorce is one of those. If you and your spouse have no option but to go your separate ways, a prenuptial agreement can make this much less contentious. Within a few short weeks, you could be well on your way to getting on with the rest of your lives.
Planning for marriage doesn’t stop on the wedding day, it’s important to think about the future too. If you’re considering a prenuptial agreement, seeking legal guidance can help to put both of your minds at ease.