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How New York couples can benefit from prenuptial agreements: part I

Communication and honestly are critical to the success of any relationship. This is especially true in cases where a couple is planning to marry. Unfortunately, many engaged couples fail to have candid conversations and discuss concerns about finances, child rearing and life goals prior to marrying. In fact, rather than discuss these important matters, many couples make assumptions only to realize years later that arguments related to these topics have resulted in their marriage being irrevocably broken.

Once the decision to file for divorce has been made, there are many important decisions that must follow. In cases where a couple isn't able to come to an agreement with regard to child custody and the division of assets and property, costly and lengthy legal battles often ensue. In cases where a couple has a prenuptial agreement, however, the divorce process is often, in many respects, easier. In this two-part blog series we’ll discuss why New York couples who intend to marry should consider having a prenuptial agreement and the issues related thereto.

Many people wrongly assume that only very wealthy individuals or couples need a prenuptial agreement. In reality, however, every couple who decides to marry can benefit from having a prenuptial agreement as doing so forces a couple to discuss and sort out important matters that may otherwise lead to the demise of a marriage.

There are, however, certain situations in which having a prenuptial agreement is especially important. For example if one individual is extremely wealthy or is pursuing a degree which may result in a lucrative career. Additionally, in cases where an individual owns property or a home prior to marrying, a prenuptial agreement can provide clarity with regard to ownership in the event a marriage ends in divorce. A prenuptial agreement is also important in marriages where one spouse owns a business, has a stake in a family-run business or stands to inherit a large sum of money.

While there are numerous benefits to having a prenuptial agreement, many individuals and couples still view having such a contract negatively. In our next blog post, we’ll examine how a prenuptial agreement can serve to benefit both spouses as well as how to go about obtaining one.

Source: Bankrate, "Everything you need to know about prenuptial agreements," Jan. 27, 2014

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