David P. Badanes, Esq. and Mackenzie Colt
A prenuptial agreement is not just for the rich and famous. There are many reasons to enter into a prenuptial agreement other than for the protection of large assets. Prenuptials can cover a large range of topics, including, expectations in the marriage, to what happens in the event of a death or divorce and the division of assets.
The idea of signing a prenuptial agreement may seem to be unromantic. However, prior to getting married, many couples do not adequately consider how they are going to handle their collective finances. When discussing the prenuptial agreement, this may present the first opportunity for couples to discuss how they intend to handle their finances. More often than not, this actually brings couples closer together. Some studies have shown that couples that enter into prenuptial agreements have longer lasting and happier marriages. Thus, a prenuptial agreement should be considered as a way to solidify your romance.
Prenuptial agreements are also a good tool to protect a family business or a family’s real property that is a significant asset (e.g., a summer home). If a spouse’s family owns a family business or a closely-held business, they may not feel comfortable knowing that in the event of a divorce the business may fall out of the hands of the family. A prenuptial agreement could operate to keep the business in the intended family rather than be sold off and divided in the case of death or divorce. Similarly, a prenuptial agreement can prevent a family’s real property from passing into the hands of the prospective in-law.
In those instances where a couple seemingly has no significant assets, a prenuptial agreement can still be very useful. For example, for many young couples, there is no accurate way of knowing a person’s earning potential prior to the marriage. Many times the marriage may occur while one of the future spouses is in undergraduate or graduate school. This may mean that this person’s earning potential will greatly increase. Even if no one is engaged in higher education, a person’s future earnings are a great unknown. In case of a divorce, a prenuptial agreement can protect your future earnings and assets.
One of the largest groups seeking prenuptials are those who are getting remarried, many for the third or even fourth time. They may have children from previous marriages or assets that have been gained over a lifetime. A prenuptial agreement is extremely valuable in these types of situations.
Obtaining a prenuptial for a remarrying couple may also quell the fears of skeptical family members. Remarriage is hard enough for many sons and daughters of divorced couples. They may be doubtful of the new spouse’s intention, especially if there are significant assets involved. A prenuptial agreement is a good way to demonstrate that the new spouse is not marrying to obtain access to these assets.
A prenuptial agreement is a great way to give peace of mind, protect your loved ones and protect yourself. Prenuptial agreements should not be looked at as unromantic but as a way of securing ones future and taking a honest and confident look into the future of a marriage. Entering into a prenuptial agreement is desirable as it is entered into while the relationship is strong and there is trust in one another. This is a much better circumstance than fighting over assets in the middle of a nasty divorce.
The Badanes Law Office has assisted several individuals with prenuptial agreements and with matrimonial and family law issues. Call the Badanes Law Office today at: 631-239-1702, email us at: firstname.lastname@example.org or visit our web site: www.dbnylaw.com.