Couples should go into a marriage like they would go into any business dealing; if you are starting a company you want to know everything you can about your business partners, and you should know the same things about your future spouse.
Queens, NY (PRWEB) November 10, 2014
Prenuptial agreements were once relegated to wealthy individuals and celebrities, but the stigma surrounding “prenups” has been changing over the years. Prenuptial agreements in New York are more often being seen as a responsible step in the marriage process as couples prepare to combine their lives, both personally and financially.
A prenuptial agreement is a contract that a couple signs before marriage that describes what each person’s rights to property will be if they divorce or when one spouse dies. Proper communication and preparation are important when getting ready to make a prenuptial agreement in New York. “Couples should go into a marriage like they would go into any business dealing; if you are starting a company you want to know everything you can about your business partners, and you should know the same things about your future spouse,” says Mr. Feinstein, a divorce and family law attorney in New York.
This knowledge can include knowing a future spouse's assets and liabilities, including credit card debt, previous bankruptcy filings, and how to handle future investments like purchasing a home. If a partner has a business, it’s helpful to understand the revenue streams and expenses of that business and whether or not the business income will be shared after marriage.
It’s also helpful for couples to review the options they have when creating a prenuptial agreement. Mr. Feinstein says, “People often think that prenuptial agreements mean one spouse gets everything in the event of divorce. But the reality is that couples can establish how to keep certain assets as private property and combine others.”
A prenuptial agreement can explain which property is separate and which is marital, as well as how to divide marital property in the event of a divorce. It can also explain how estates and inheritances are dealt with in the event of death. But a prenuptial agreement has to follow certain rules in order to be valid. It must be done in writing, with no hidden assets and without coercion. It is helpful to have a prenuptial agreement completed with the help of an experienced attorney in order to avoid mistakes or incorrect language that may give advantage to one spouse over another.
A prenuptial agreement can be invalidated for various reasons, which is why it’s beneficial to have the agreement properly reviewed and witnessed. Some reasons include agreements signed under coercion, improper paperwork filing, and agreements that are so swayed to the benefit of one spouse that it is seen as unconscionable by the court. An October 16, 2014 article by Forbes offers some helpful information about how prenups can be made invalid.
The Law Offices of Bruce Feinstein, Esq. has nearly two decades of experience in divorce law, helping clients and families resolve their issues and move forward with their financial and personal lives. Visit feinsteindivorcelaw.com for more information or call (718) 475-6039 to reach the New York office.