As unromantic as it can sound to any couple who is looking to get married, there are a number of reasons why you may want to look at getting a prenuptial agreement. Regardless of whether or not you have been married before, and no matter how low or high your net worth is, chances are, you may need a prenup, especially if you are in your fifties or sixties.
If you decide against getting a prenuptial agreement, then a divorce could mean that you lose out on the considerable amount of assets you brought to the marriage. Without a prenup, your family could lose out on half of your assets when you pass away. In either end to a marriage, this could also saddle your spouse with your debt, or you could end up with his or her debt if the event of a divorce or death.
You may also have a 401(k) plan, or money stored in IRAs. Perhaps you own a business or a house. These assets are vital to your future, and you may want to keep them in your family. A prenuptial agreement may be especially necessary if you have children from a previous marriage, and you want to keep their inheritance intact. If this is a concern for you and you have a 401 (k), then outside of a prenup, your spouse would also have to sign a waiver to your 401(k) if you want to leave this for your kids when you pass.
Beyond preparing for death or divorce, a prenuptial agreement can also help you and your significant other to prepare financially for the marriage. When you get married later in life, you may have more assets and debts to sort through, as well as a number of established financial expectations. A prenuptial agreement can help you figure out financial goals and roles in the marriage, as well as budgets and other practical matters.
If you are looking for legal help with your prenuptial agreement, then our experienced Long Island firm can help you. To learn more about what a prenup could do for you, please do not hesitate to contact the Meyers Law Group, P.C. today.