Many people who intend to marry do not like thinking about a post-wedding day conflict. The assumption that “we shall live happily hereafter” carries the day. However, Queens prenuptial lawyers attest to the fact that separation, divorce, conflicts, death, sickness, and other forms of misfortunes can happen.
What happens to the finances and assets if the once inseparable soul mates divorce?
It is easy to share the assets the couples jointly own when there is a prenuptial agreement. All the engaged parties need is to contract a Queens, NY, prenuptial lawyer to help negotiate and draft an agreement outlining how to solve the post-divorce financial issues.
A Prenuptial Agreement in Queens, NY?
A prenuptial agreement, often called a premarital agreement, antenuptial agreement, or prenup refers to the written contract that two individuals enter into before marriage. Typically, the prenup will contain a list of the property and debts the pre-married parties own.
When are Prenuptial Agreements Crucial in Marriages?
People can marry when they already have assets and liabilities. Additionally, the partners may have children from the previous relationships. Having a premarital agreement can forestall a drawn-out conflict or a tricky situation if the marriage fails. A well-drafted prenuptial contract can outline the interests and rights of both parties. With the guidance of Queens family law attorneys, the agreement may include the issues hereunder:
• The post-marital situation when one partner brings into the marriage more real estate property and finances.
• One spouse quits a well-paying career to stay at home to live with the partner who relocates to another geographic location or care for the children.
• One of the partners or both partners bring the children from the prior marriages.
• The spouse runs the family business.
• The couples invest in different retirement funds because of age disparities.
How Prenuptial Agreements prevent Matrimonial Disputes
In New York, money problems are usually the principal cause of divorce. Discussing individual assets and liabilities ahead of the marriage can ensure marital bliss always. The prenup is a good starting point for spouses who desire to manage some property and finances separately.
How a Prenup Benefits the Marriage Partners
• Protect the children from former marriages: In a marriage that that comprises children from the previous marriages, the antenuptial agreement can spell out how the stepchildren will inherit property upon the demise of the biological parent. The absence of a prenup can disadvantage the kids of the deceased since the surviving spouse may claim all the assets.
• Outline financial rights: You require a contract that specifies in advance if the spouse can claim alimony if you terminate the marital union.
• Protect yourself from debts: If one of the spouses brings liabilities, you must agree whether the debts can become a joint responsibility or not.
The Dangers of not having a Premarital Agreement
The failure to sign a premarital contract carries some inherent risks. New York family laws determine the manner to distribute your debts and property upon death or divorce. The state will even decide the sharing of the pre-marital assets. In the absence of an antenuptial contract, usually the spouse has the following automatic rights:
• The share of the assets acquired during marital union upon divorce or death.
• The responsibility for any debts the partners obtains.
• Share, management, and control of the community or marital, which includes the right to give away or sell.