Planning a wedding is an exciting time, but entering a new life with your soon-to-be-spouse should involve much more than cake flavors and flowers. As you prepare and plan for your marriage, you would be wise to look to the future and take the necessary steps to protect your financial and legal interests as well.
One of the easiest ways to do this is by drafting a prenuptial agreement. This in no way means that you are planning to divorce before you even get married, it simply means that you are wise enough to plan for contingencies and provide peace of mind for both yourself and your fiancé.
Who needs a prenup?
Contrary to what many people assume about prenuptial agreements, this step is not a necessity only for the rich or famous. Any New York couple may benefit from this type of legal protection. The drafting of this agreement can facilitate open communication regarding individual perspectives on finances, debts and assets, a step that can actually be meaningful and beneficial before entering into marriage.
A legal agreement uniquely tailored to your needs
There is no one-size-fits-all approach to drafting a prenuptial agreement. If you choose to make the effort to establish this type of legal protection, asking the following questions can help you move through this process:
- Which assets will be defined as separate property?
- Are you or your fiancé expecting to inherit a large sum of money in the future?
- Will you or your fiancé receive money from a trust?
- Is there a family-owned business in question?
- How will you handle marital debts in case of divorce?
- Will either of you receive spousal support if the marriage ends?
- How will you divide retirement assets?
The point of a prenuptial agreement is to provide protection in case of a divorce, preventing costly and stressful court battles over assets and money. You may craft the terms of this agreement to meet your individual needs, and you have the right to address specific concerns as you work on the terms of your prenup.
It is impossible to know what will happen in the future, but a few simple steps can provide you and your fiancé peace of mind as you prepare to marry. In an uncertain world, it is smart to protect your financial interests in case the unexpected happens.