Planning a wedding is an exciting time. There’s so much to think about – from the dress to the bachelor party – that couples tend to overlook the financial implications of tying the knot.
No newlyweds expect their marriage to end, but as any family lawyer will tell you, divorce is a reality that catches many spouses off guard. As such, it is important to hope for the best but plan for the worst.
Data from the Centers for Disease Control and Prevention’s National Vital Statistics System shows that 2 million couples tie the knot every year; however, nearly half of them eventually file for divorce. Perhaps more alarming, only 5 percent of divorcing spouses are armed with a valid prenuptial agreement, according to research from Harvard Law School.
If you have questions about prenuptial agreements in New York, turn to the Elliot Green Law Offices. Mr. Green is a divorce attorney in Brooklyn who will demystify the legalities of divorce.
Our legal team is available 24 hours a day. Call 718-260-8668 to schedule a free consultation. You can also visit USAttorneys.com to learn more about divorce procedures.
What Are the Benefits of a Prenuptial Agreement – and How Do I Get It Right the First Time?
Asking for a prenuptial agreement is not a sign that you expect your relationship to fail. Rather, it should be considered an indication that you are responsible enough to plan for the future, and that you and your spouse are getting married for the right reasons.
There are many factors to consider once you have made the decision to divorce – from alimony and child custody and to asset division. Having a prenuptial agreement will make the process less complicated, and it could prevent expensive litigation and heated conflicts.
A properly drawn-up prenuptial agreement will also help you understand your spouse’s financial situation before you get married. It will protect you and your spouse’s financial interests in the event of divorce.
However, many couples who draft a prenup eventually find out that the contract is invalid due to an administrative or legal oversight. As such, it is advisable that you hire a reputable family lawyer to create your prenup.
Your prenuptial agreement should include details related to:
- Any and all businesses, whether joint or separate;
- Retirement benefits of you or your spouse;
- Income, deductions and tax return claims;
- The management of household bills and expenses;
- Details of joint bank accounts, if applicable;
- Any and all investments, such as stocks or property;
- Debt, including credit cards and student loans;
- Individual savings contributions;
- And life insurance, if applicable.
Before you start drawing up a prenuptial agreement, contact a Brooklyn divorce attorney from the Elliot Green Law Offices. Mr. Green is an experienced family lawyer who will answer your questions and help you avoid mistakes that would render your prenup invalid. Call 718-260-8668 today to schedule a free initial consultation.