Love often leads to wedding bells in New York, but now there’s a new trend. People who are falling in love aren’t in such a rush to walk down the aisle these days — not without first putting together a prenuptial agreement. Although people who are eager to get married hope that they will be married “’til death do they part,” having a prenuptial agreement protects them in case a divorce happens instead.
Between 40 and 50 percent of marriages end in divorce in the United States. In a recent poll of more than 2,000 adults, more than a tenth of them regretted having no prenuptial agreement. People who are getting married and have many assets may benefit from putting together an agreement that spells out how their assets will be handled in the event that they wish to dissolve their marriage.
Failure to get a prenuptial agreement may cause a person to end up losing a large amount of money. For example, when former basketball star Michael Jordan got divorced, he ended up losing more than $160 million in the process. Both parties would benefit from communicating openly about signing a prenuptial agreement, but some individuals fear that creating this document is a sign that neither party trusts the other.
A prenuptial agreement covers property rights, including explaining who keeps the marital property owned before or during marriage. In addition, an agreement can even explain that if one person is caught cheating, he or she loses his or her rights to spousal support or property following a divorce. The agreement can even address topics such as where the two individuals intend to live and how they will rear their children. As long as the agreement has no provision that violates a state law, it can protect a person before he or she says “I do” in New York.
Source: money.usnews.com, “For Love or for Money: Should You Get a Prenup?“, Ginger Dean, April 25, 2014