We talked earlier about the advantages of prenuptial agreements and common mistakes to avoid when approaching your fiancé. Now we will look at the issues to consider in a prenuptial agreement.
Most relationships begin with an air of magic, but when marriage is discussed, the realities of modern life necessarily intrude on otherwise romantic plans for living life happily ever after.
Creating a prenuptial agreement is essential to safeguarding your financial stability in the event of divorce or death. After thorough financial disclosure by both parties, some of the issues to address in a prenuptial agreement may include:
- Identification of property to be held separately
- Responsibility for current and future debt
- Spousal maintenance and alimony
- Division and transfer of assets and property upon death or divorce
- Identify estate planning measures
- Agreement concerning professional degrees or specialized education
- Financial agreements affecting management of the marital estate
A properly prepared, presented and executed prenuptial agreement provides both parties peace of mind and a common understanding moving forward into marriage.
Reputable legal advice is essential in putting a prenuptial agreement in place. As demonstrated by a recent New York Appeals Court ruling, courts do not look favorably on parties who fraudulently induce their partners to sign prenuptial agreements.
If considering a first or second marriage, seek good advice from an experienced New York divorce attorney. A prenuptial agreement cannot guarantee a happy ending, but it can assure a better ending.
Jacqueline Newman joined Berkman Bottger Newman & Schein LLP in 1998 and is now the managing partner of the firm. Ms. Newman’s practice consists of litigation, collaborative law and mediation. She specializes in complex high net worth matrimonial cases and also in negotiating prenuptial agreements. Read more about Jacqueline Newman.