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What is included in a New York City prenup - Part 1

Engaged couples in New York City who are contemplating drawing up prenuptial agreements may be interested in learning what is covered by these legal contracts.

Couples who marry when one or both have children from other unions can use a prenup to specify that certain property shall be inherited by these children.

A well-drafted prenup can protect a spouse from the other spouse's debts in many cases. Creditors seeking to be paid can pursue both spouses when debt liability is not limited.

New York is an equitable distribution state when it comes to dividing marital property. But courts often abide by the terms agreed upon in prenuptial agreements.

Sometimes couples use prenuptial agreements to detail that certain family heirlooms shall remain in the family bloodline. This can also apply to potential inheritances, percentages of a family-run business or familial property.

A prenup can be one in a series of estate planning documents that couples can use to ensure that their wishes are carried out. However, additional documentation like a living trust and a will should accompany the prenup.

Prenuptial agreements can specify terms for the filing of tax returns, including how deductions shall be taken by the parties.

Couples can spell out how joint expenses, investments, credit cards and household bills are managed. They can also detail each spouse's savings contributions to retirement or other accounts.

If one spouse is to work while the other completes an extended degree program, this can also be included in the agreement.

One of the most useful concepts of prenuptial agreements is that the spouses can plan ahead how potential disagreements will be settled, using counseling, arbitration or mediation. This can possibly prevent future divorces if both realize that is the last option rather than the first.

To learn if a prenuptial agreement will be right for you, consult with a New York City family law attorney before tying the knot.

Source: FindLaw, "What Can and Cannot be Included in Prenuptial Agreements" Jan. 06, 2015

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