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

In our last blog post we began looking at reasons why it's wise to have a prenuptial agreement and the many benefits of having this type of contract. Once an individual has decided a prenuptial agreement makes sense, an honest conversation with an intended future spouse should follow. Having conversations about a prenuptial agreement, however, isn't always easy or well received.

When discussing one's desire for a prenuptial agreement, honesty is key to ensuring both individuals are on the same page with regard to the terms of an agreement. While a prenup isn't typically viewed as being very romantic, the process of drafting one can actually serve to bring a couple closer as it forces both individuals to address and discuss important and sensitive topics.

Once a couple has agreed that a prenuptial agreement makes sense, both individuals should retain separate legal representation. A valid prenuptial agreement should include accurate financial information for both individuals as well as terms that are deemed as treating both spouses in a "fair" manner. Additionally, terms included in a prenuptial agreement should be reasonable to avoid possible future invalidation of a prenup.

When the terms of a prenuptial agreement have been agreed upon, those terms should be put in writing and signed by both parties under the watch of an attorney. Both parties are then advised to keep a copy of the agreement.

In the event a marriage does end in divorce, couples who took the time and consideration to draft a prenuptial agreement are often spared the time and money that otherwise may have been spent haggling over property and assets. A prenuptial agreement ultimately helps a couple define who gets what so both can work to move on and find happiness.

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

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