NATIONALLY RECOGNIZED FEDERAL LAWYERS
Last Updated on: 8th August 2023, 11:54 pm
Preparing for Marriage: The Role of Prenuptial Agreements
When a couple is deeply in love and is planning to get married, it is reasonable that they would expect to spend the rest of their lives together in wedded bliss. However, approximately half of marriages end in divorce, and this is a commonly-known statistic that may linger in the back of your mind as you prepare for your wedding day.
Divorce: The Hard Realities
The reality is that most people who tie the knot have no inclination of their marriage becoming a statistic, but there is a significant chance that it could be. Through the process of a divorce, the couple’s marital assets will be divided. The custody of children from the marriage will be decided. The couple’s lifestyle, combined income and other factors will also be affected.
Prenuptial Agreements: A Form of Protection
It can be difficult to imagine how disruptive and stressful a divorce can be before you actually experience it, but you can diminish the stress of this potential event by preparing for it with a prenuptial agreement. An attorney who specializes in prenuptial agreements in Manhattan can help you to draft this document or can help you to review and negotiate the document if one has been presented to you by the other party.
Who Needs a Prenuptial Agreement?
Many people assume that a prenuptial agreement is only relevant to those who have a high income level and significant assets at the time of the marriage. While a prenup agreement can be beneficial for these individuals, it can also be beneficial and protective for many others. For example, a couple that has little to no assets at the time of the marriage may accumulate a sizable combined net worth. Marital debt may also be a factor.
Prenuptial Agreements: What Do They Cover?
The division of assets and debts as well as child custody, spousal support payments and more can all be planned out ahead of time in a prenup. This document provides the legal backbone that essentially protects both parties in various ways. It can reduce the amount of stress that you may feel while going through a divorce and may position you to enjoy the best possible outcome after a divorce.
Legal Representation in Prenuptial Agreements
Some Manhattan area couples who are preparing for a wedding ceremony will hire one attorney to draft a prenup agreement, but this is not a smart idea. An attorney can only represent one individual rather than the couple. When one individual contacts an attorney to draft an agreement, the other individual should seek his or her own representation. The second prenuptial agreement attorney can review the document to ensure that his or her own client’s interests are protected in the agreement. Negotiations between the two attorneys may be needed before the document’s terms can be finalized.
Prenuptial Agreements: More than Just a Document
Some prenuptial agreement attorneys in the Manhattan area only prepare these agreements, but many will also help you to understand the terms down the road in the event you do decide to end your marriage. Keep in mind that specific circumstances, such as adultery, can invoke the terms of specific clauses. Your attorney will help you to determine how different circumstances in the marriage are related to the agreement and what your specific rights are. Some people will consult with an attorney about their options and rights before deciding to file for divorce.
Prenups: Gaining Certainty in Uncertain Times
You can see that a prenuptial agreement makes the outcome of a divorce case more well-known and apparent before the final ruling than it otherwise would be. Everything from where you will live and who your children will spend time with to your income level, your net worth and more may be determined by a prenup. Without a prenup, each of these factors is up in the air. If you are planning a wedding, include a consultation with a prenup agreement attorney in Manhattan in your premarital efforts.
Manhattan prenup agreement lawyers
Many marriages are established on profound love, but they can still end in divorce after months, years or decades. While you may hope for the best possible outcome when you are preparing to get married, it makes sense to also plan for a worst-case outcome. A divorce can be emotionally stressful, and it also has a substantial impact on your finances, your living situation, your lifestyle, your children from the marriage and more. A prenuptial agreement is commonly associated with individuals who have extreme wealth, but the reality is that many people at various income brackets could benefit from this type of agreement. Some people may hire a prenup agreement lawyer in Manhattan before getting married in order to draft the agreement. Others may need assistance as a marriage is falling apart to enforce the terms of the agreement or to otherwise nullify them in some way.
If you are preparing to enter into a traditional or same-sex marriage, you should understand what a prenup agreement is and how it can benefit you. It often includes terms related to the division of assets in the event of a divorce as well as an agreement regarding spousal support payments. Some prenuptial agreements specifically have clauses and nuances regarding adultery, abuse and more that could impact the marriage and result in its demise. These clauses may even discuss the guardianship or custody of children from the marriage. You can see that there is a lot at stake when negotiating the terms of a prenuptial agreement before a marriage. At this stage in a relationship, the couple is typically perfectly content, and trust is strong. The realistic possibility of a divorce can seem remote, and an individual may be willing to agree to terms that may not be in his or her best interest. It can be difficult to plan for a worst-case scenario at this stage in a relationship, and this is one of the reasons why both parties should be represented by their own prenup agreement lawyers in Manhattan when the agreement is being negotiated and finalized. It makes sense to have an attorney review the final agreement before signing it. Because an attorney can only legally represent one of the parties, avoid using the same attorney that your partner is using for this purpose.
In the event that your marriage is on the brink of divorce or if divorce proceedings have already been initiated, you should consider hiring an attorney to review your agreement and to explain your rights and obligations based on this agreement and the circumstances surrounding the divorce. Some individuals believe that their rights are impaired, such as if they have committed adultery. However, the agreement may be written in such a way that there are loopholes or contingencies. The question of whether adultery was committed may also come into question. In some cases, both parties have violated the terms of the agreement, and the agreement could be nullified altogether. Another possibility is that the agreement did not specifically or clearly cover a detail that is not affecting the case, such as the custody of children. In this case, hiring a prenup agreement attorney who has experience with divorce case representation, child custody issues and other related matters may also be beneficial to you.
Keep in mind that some attorneys only specialize in drafting and reviewing prenuptial agreements. They will not assist you with post-nuptial issues or representation with any aspect of the divorce at the end of your marriage. It may be helpful for some people to work with the same attorney throughout all potential stages. With this in mind, hiring an attorney who specializes in more than the development a prenuptial agreement may benefit you in the long run.
Regardless of the size of your bank account or the value of your assets before the marriage, it may make sense to sign a prenuptial agreement. After all, this agreement can also cover spousal payments, custody and other matters. It may take several weeks or longer to successfully draft, negotiate and review the terms of this type of premarital agreement. Because of this, you should consider hiring your attorney and beginning the process well ahead of your wedding date.