As many New York residents know, prenuptial agreements are no longer sole territory for the rich and famous. In fact, more individuals — including Millennials — are deciding to get them. However, for those individuals who are still on the fence, there are a few considerations to be taken into account in regard to prenuptial agreements.
A prenuptial agreement — commonly referred to as “a prenup”– is a legal agreement that is signed before marriage, which details how things should proceed financially between the individuals in the event of divorce. Although one of the main purposes is to shield the more financially healthy of the two, a prenup can be advantageous in other ways, as well. For example, it can help to prevent a long legal battle — instead of months spent in a courtroom, a prenup simplifies the process and allows both individuals to move on more quickly.
Additionally, a prenup can help in the case of divorce by protecting the victims. While most divorces occur after months of stress and difficult discussions, sometimes an individual can be blindsided by a relationship being ended quickly, allowing no time to prepare. If a couple gets a prenup, it can help to ensure that the victim has a plan in the event of separation.
These are but a few of the many reasons that individuals are more likely to get prenuptial agreements. When an individual in New York is considering marriage and decides to get a prenup, he or she typically consults an experienced family law attorney who can assist with the process. With legal experience on the individual’s side and the prenup taken care of, the individual is then free to carry on with the planning of his or her once-in-a-lifetime day, knowing that his or her financial future is well on its way to being protected for the duration of the marriage.
Source: magazine.foxnews.com, “Ten solid reasons all couples should get a prenup before marriage”, Michael Hollan, Sept. 25, 2015