What Can a Prenuptial Agreement Protect?
Divorce is probably the farthest thing from marriage, so if you are just about to get married, why would you want to think about divorce? The truth is, nobody does. However, simply creating a plan may save you in a huge way in the long run. For example, when people get divorced, they very often find themselves mixed up in the litigation process. When divorce enters litigation, assets can be subjected to equitable distribution, which, as you probably know, is seldom an “equal” division.
Fortunately, there is a way you can prevent all this clutter and confusion right here, right now. By drafting a prenuptial agreement with your spouse, you can predetermine how your assets will be split, should you ever get a divorce. Of course, hopefully, you will never have to use your prenuptial agreement. However, if the time comes when you do, wouldn’t you rather have a solid plan in place? Here are some of the questions you may have regarding prenuptial agreements:
Why would a couple draft a prenuptial agreement?
Couples draft prenuptial agreements to protect their various assets from equitable distribution. Some of the most common issues couples seek to address or protect in prenuptial agreements are as follows:
- Each party’s finances
- Any spousal support or alimony obligations, should a marriage end
- Division of property that either or both spouses own
- Ownership rights of life insurance policies
- Ownership rights of disability policies
- Retirement funds acquired before marriage
- Family inheritances
What makes a prenuptial agreement valid and enforceable?
Rather obviously, a prenuptial agreement is worthless if it is not valid and legally enforceable. This is why you must ensure your prenuptial agreement meets the following standards:
- Prenuptial agreements must always be in writing
- They must be fair and just for both parties
- They must be executed by both parties before a notary
- They must always be executed voluntarily
- They must include a full disclosure at the time of execution
If you are already married, you may be asking yourself if you can still draft a prenuptial agreement. While no, you may not, you can still draft what is known as a “postnuptial agreement.” Postnuptial agreements essentially serve the same function as a prenuptial agreement, except they are drafted after you are already married. If you and your spouse wish to draft a marital agreement, reach out to our compassionate and knowledgeable firm. We are here to help you every step of the way.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., serving clients in Nassau and Suffolk County, is always available to assist and represent parties in divorce and all other matrimonial and family law matters. Please call today to schedule a free consultation: (516) 938-333.