Why Should I Get a Prenuptial Agreement?
Anyone with assets to protect should consider signing a prenuptial agreement. Perhaps you have funds saved as part of your child’s future education or inheritance. Maybe you want to safeguard a family business. A prenuptial agreement can give you the peace of mind you need in regards to protecting those you love.
New York Is an Equitable Distribution State
When addressing divorce proceedings, New York courts will distribute assets in a way they deem fair and just to both spouses. In doing so, they use a method of equitable distribution, meaning they value assets based on the establishment of marital and separate property. If you want to be sure your personal assets are categorized separately, it is wise to outline them in a prenuptial agreement.
Common Myths Surrounding Prenuptial Agreements
Prenuptial agreements are a taboo topic when it comes to marriage. However, knowing the truth about them can help ease your worries should you choose to enter into one.
They Are Only for the Wealthy
Many people assume because they lack significant wealth prior to their weddings, they don’t need a prenuptial agreement. In reality, their largest asset at the time they get married maybe their future earning potential. The more wealth a couple accumulates over time, the more complicated a divorce may be. Spouses with a well-drafted prenuptial contract will likely have a much smoother divorce because they previously agreed on many factors that increase expenses and hostility in a trial.
They Signify Weak Relationships
Contrary to popular belief, a prenuptial agreement is often a sign of a strong future marriage. Preparing for the future together requires maturity, the ability to discuss difficult financial topics, and a willingness to compromise. Entering into a prenuptial agreement says more about each person’s common sense, not about their trust in each other.
They Aren’t Enforceable
A common misconception states that prenuptial agreements rarely hold up in court. However, if drafted and executed correctly, they are as legally binding as any other contract. Few circumstances will render a premarital contract void, such as duress, fraud, or the failure to disclose assets. A knowledgeable attorney can help you avoid these and other missteps.
Why Work with Us?
Our prenuptial agreements attorney uses a combination of experience, passion, and empathy when guiding couples through the drafting process. He is ready to answer any questions you may have as you plan for the future. Contact us at James E. Iñiguez & Associates, PLLC, to schedule a consultation in New York. We work with couples throughout the city, including those in Manhattan, Brooklyn, Queens, and the Bronx.