Prenuptial agreements have become increasingly common in New York State. This trend reflects a shift in how people view marriage. Prenuptial agreements are now seen as both a romantic and financial arrangement. It’s important to understand how prenuptial agreements work and how they can impact your future.
Balancing love, career, and asset protection
Many people marry later in life after they’ve built careers and accumulated assets. They want to protect their hard-earned assets, which is why prenuptial agreements are becoming more popular. These agreements allow individuals to safeguard their financial interests in the event of a divorce.
Managing complex financial situations
Those marrying later often bring more financial baggage into the marriage, including debts. Prenuptial agreements help manage these complexities. They clarify financial responsibilities from the start. This can prevent disputes if the marriage ends.
Some debts you may want to consider including in a prenuptial agreement include:
- Credit cards
- Student loans
- Personal loans
- Mortgages
- Medical debts
Protecting family wealth
For those entering a marriage with significant family wealth or business interests, prenuptial agreements are crucial. They help keep family wealth within the family, even in the case of divorce. If you are unsure about whether your family wealth is big enough to make a prenuptial agreement important, consider consulting with a lawyer.
Setting yourself up for success
With help from family law experts, couples can create effective prenuptial agreements that work for them. There is no one right way to set up a prenuptial agreement. It’s all about what works best for you and your soon-to-be spouse.
