Prenuptial agreements are not only for the wealthy but can be an important financial planning tool for professionals and others coming into a marriage with investments, savings, retirement assets or property.
As a leading family law practice serving clients in Brooklyn, we have a well-earned reputation based on efficiently and fairly negotiating and drafting hundreds of prenuptial agreements. Contact us today to get started on your prenuptial agreement.
Understanding Prenuptial Agreements
More and more couples today consider prenuptial agreements. This legal arrangement, put in place before the wedding, clarifies the ownership of assets for each spouse in the event of divorce. A comprehensive prenuptial agreement defines the scope of the economic partnership to avoid misunderstandings or ambiguities in the event the marriage does not work out.
In short, a properly structured prenup can help reduce financial conflicts in a divorce, covering several issues:
Property Division
A prenuptial agreement streamlines the ownership of assets, drawing a line between separate and marital property such as real estate, collectibles, and retirement funds. Imagine if one partner owns a house before marriage, and it becomes the marital home. The prenup can classify the house as personal property, guaranteeing its return to the owner if a divorce occurs. Without a prenup, there may be disputes over property classification, with courts possibly deciding that property gained prior to marriage has transformed into joint assets.
Spousal Maintenance
A prenup aids couples in reaching a mutual understanding of whether there will be a waiver of spousal maintenance or the amount and duration of spousal maintenance. Notably, courts can scrutinize agreements where one partner relinquishes their rights to spousal support, particularly if it could result in significant financial difficulties for that individual at the time of the divorce.
Debts
Couples can mutually decide to avoid taking responsibility for each other’s debts. This can be helpful when the debts greatly differ in amounts or are related to separate property. By addressing debt-related matters in advance, couples can prevent potential disputes and uncertainties in the future.
Asset Protection
People who have amassed substantial assets before marriage often turn to prenuptial agreements to delineate these assets as separate property if a divorce occurs. However, these agreements can also be advantageous when both partners continue to independently accumulate considerable assets during the marriage. This proactive approach ensures that property ownership remains clear and protects against potential conflicts.
Business Ownership
While a business or professional practice is subject to fair distribution in divorce proceedings, a prenup can provide clarity by stipulating that the business remains personal property. Alternatively, it can restrict the other partner’s stake to a portion of the business’s accumulated value during the marriage. Crafting such an agreement, tailored to your specific circumstances, requires the guidance of a capable Brooklyn prenuptial agreement attorney. Without a prenup in place, the courts will distribute marital assets according to New York’s equitable distribution laws.
Are prenuptial agreements enforceable in Brooklyn?
Prenuptial agreements are generally considered valid and enforceable as long as they are properly drafted and formally signed and acknowledged with a notary. A prenup may be subject to challenge or may be subject to interpretation if it is not drafted well or if it is unfair or based on fraud.
What are the benefits of a prenuptial agreement?
A prenuptial agreement comes with numerous advantages. Primarily, it facilitates the swift resolution of property disputes if the marriage takes an unexpected turn. A well-crafted prenup not only provides assurance regarding your property rights in the event of divorce but also preserves the inheritance rights of children or other heirs from a prior marriage.
Why Aiello & DiFalco?
Our attorneys have a well-deserved reputation as dedicated family law attorneys who provide each client with first-rate representation and personalized attention. When you work with us, we will guide you through differentiating marital and separate property and creating a well-conceived and legally enforceable prenup. With our comprehensive knowledge of contract law and the rules of equitable division, you can depend on us to work in your best interests.
Talk To An Experienced Brooklyn Prenuptial Agreement Attorney
If you are planning to be married and considering a prenup, you need the informed representation we provide. Contact us today to schedule a consultation.