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Determining if a Prenuptial Agreement is Right for You

Determining if a Prenuptial Agreement is Right for You

Posted By Meyers Law Group, P.C. || 29-Apr-2013

Getting married can be an exciting time of life for two people who share a deep love for one another. Despite the amount of love in the relationship, you may fear addressing the idea of a prenuptial agreement because you feel mentioning the possibility of a divorce before marriage is going to jinx the relationship.

If you find yourself considering a prenuptial agreement, here are a few things for you to consider when determining if this is going to be the right move for you.

A few initial questions to ask you are:

  • Do you own property/real estate?
  • Is it valued over $50,000?
  • Do you own any part of a business?
  • Is your personal income/salary over $100,000 annually?
  • Do you have a substantial amount of money saved in your retirement?
  • Do you own stock options or have profit sharing?
  • Do you intend your property going to someone other than your spouse when you die?

These are just a few simple questions for you to think over when deciding if a prenuptial is best for you. Next, you will want to think through other aspects of your property and assets that you may want to have listed in your prenuptial agreement. These topics may include distinguishing your marital property and separate property so that in the event of a divorce there is less of an argument over these issues.

You may also want to address matters of estate planning like who you plan on giving your property to in the event of a death of one spouse or another. Another common issue that is addressed in a prenup is the topic of debt. If one spouse comes into a marriage with a large amount of debt, your prenuptial contract may release the other spouse from holding responsibility for that debt in the event of a divorce, or further financial problems down the road.

When considering a prenuptial contract, you and your fiancé may want to discuss the options of joint bank accounts, how you plan on handling credit card charges and other topics including the future purchasing of property, etc. If you and your fiancé plan on having children one day, another common topic that is often addressed in a prenup is agreeing on terms for college savings for the kids; as well as other spousal provisions in the even to a divorce in the future.

If you and your fiancé fall under any of these categories, completely a prenuptial agreement may protect each of you from stress in the future if there is a divorce. Prenuptial contracts have many benefits, though they are not for everyone. Contact a trusted Long Island divorce lawyer at the Meyers Law Group, today to discuss if this choice is right for you!