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As of 2015, the population of Staten Island was estimated to be at 474,558. This can tell you something, that this place economy is good to support the population, and that there are enough job opportunities than most regions in the US to attract such a decent population, considering the geographical size. People are migrating from the other areas to marry, settle, and do jobs here.
Talking about marriage, a study shows that as of 2014, there were 2,140, 272 marriages in the entire US, results coming from 49 states. Out of these, 813,862 are reported cases of divorce. Staten Island is part of the statistics. When divorce happens, both or one party in the marriage suffers a bitter blow, as life for them won’t be as usual. Divorce is costly, daunting and emotional and if a couple didn’t do due diligence such as entering into a prenuptial agreement before coming into a marriage, they would suffer a great deal when it happens.
Prenuptial agreement, also referred as prenup, is a legal step taken by both marriage partners before the wedding. This agreement establishes property rights and even the financial right of both couples when a divorce or death happens. It is advisable to consider this agreement, as statistics show that almost one-half of all US marriages end up in divorce proceedings. This kind of agreement protects the assets of a wealthy spouse and also family business other than serving more critical functions. Every state has a legal requirement for a prenuptial agreement, and each may significantly differ from the other.
In Staten Island, if the engaged parties do not own assets or do not anticipate either, then this agreement may not be necessary for them. The courts here broadly define marital assets. For instance, houses are the primary assets that married couples have. If the couple earned their licenses such as CPA, doctor, lawyer, etc. while in the marriage, then such is treated as a marital asset. The reason is that such degrees and titles would enhance earnings. People with such titles earned while in marriage would earn more than people with mere high school education.
Stock accounts, IRA, 401(k), businesses are also examples of marital assets which should feature in the prenuptial agreement in Staten Island and subject to equitable distribution as long as it was attained during a marriage. Nonetheless, some properties may not have been acquired during marriage but features in the prenuptial agreement. When one piece of personal property is sold when couples marry to buy another piece, the latter may be transformed into a marital asset. And, in the same argument, a nicely drafted prenup could protect a personal property from becoming a marital property.
Why You Should Consider Prenuptial Hiring a Prenuptial Attorney
Critical Decisions on Assets
Property division is both a contentious and complicated divorce aspect. A prenuptial lawyer ensures decisions on the division of property is done in advance and done fairly because neither party is angry or upset and therefore decision making is sound. In case of bitterness afterward, resolving the stalemate would be easier upon divorce.
Money Is Saved
Divorce is costly and filled emotions. It is during this time that a party is inclined to make unwise financial decisions and waste resources to solve petty issues. A prenuptial agreement drafted by an attorney will assist in eliminating such expenses.