In today’s day and age in New York, things can happen very quickly. In relationships and marriage, two people can fall in love overnight and may wish to get married with little thought to one another’s finances or their future. Although no one likes to consider it at the time of an engagement, when things don’t work out in a marriage, the fallout from a divorce can be incredibly difficult in a variety of ways. However, prenuptial agreements are one way to effectively mitigate the inherent stresses of divorce proceedings.
There are many scenarios in which prenuptial agreements should be considered. People in the middle of their lives with successful careers, a considerable net worth and/or as well as adult children from their past marriages might consider this option. A classic example is when one person is a wealthy celebrity who has had a few previous marriages while the other is decades younger and has no apparent wealth. Though not as obvious, they would also benefit two young adults in their 20s who may have recently graduated from college but with student loan debt.
Not all couples think they need this type of legal protection, although most couples would be better off if they sit down together sometime before their wedding to talk about the possibility. When talking finances, it’s advised to consider the past, present and future. For example, when discussing the past, the couple might discuss their own money history, which might include mistakes they may have made as well as the lessons learned from the experience. For the present, things like current earnings, assets, as well as debts should be discussed. And for the future, a crucial aspect of the discussion is the couple’s shared commitment to openly share any and all information pertaining to their finances as well as making any major financial decisions together.
The thought of prenuptial agreements might not conjure up the most romantic sentiments for two newly-engaged people in New York. However, the conversation surrounding whether one would be helpful can be very helpful in talking about the couple’s personal financial health in the future and its effects can be far-reaching. When considering whether a prenuptial agreement is right for them, a couple would benefit in consulting with an experienced family law attorney, who can both educate and advise them as how best to proceed with obtaining one.
Source: rapidcityjournal.com, “All couples should consider a prenuptial agreement“, Rick Kahler, May 17, 2015