Wisselman & Associates Articles Prenuptial Agreements: Only for the Rich and Famous?

Prenuptial Agreements: Only for the Rich and Famous?

By Wisselman, Harounian & Associates  Jul. 25, 2011 11:05a

How a Prenuptial Agreement Can Help You

In a prenuptial agreement, you and your soon-to-be spouse sit down and create a written agreement concerning the financial consequences should your marriage end in divorce or a legal separation. Unfortunately, statistics show that half of all marriages end in divorce in the United States, which gives you a 50-50 chance of making it. So, should you risk ruining the sublime romance of your upcoming marriage by having a heart-to-heart discussion with your fiancé(e) about that very tough and basic issue of money, assets, and who owns what? In many cases, yes.

Marriage consists of a physical and emotional union of two people. Those two people, however, may bring to the marriage financial factors which consist of savings accounts, real estate, retirement accounts, stocks, bonds, potential inheritances, and ownerships in businesses. In New York, all of these assets may be divided up through equitable distribution laws when and if that couple divorces, sometimes very acrimoniously, through the courts. Why not take control of these matters at the outset, when you and your fiancé(e) are on the best of terms rather than when you may be seething with hostility or resentment? 

The Reasons for a Prenuptial Agreement

If you are entering a marriage with assets you have accumulated, children from a previous marriage, or family members you wish to protect and take care of in the future, you should consider a prenuptial agreement. A valid, legally-binding prenuptial agreement will provide legal protection should you find yourself heading for a divorce down the road. They can be especially beneficial if you are much wealthier than your intended spouse, are entering a second or subsequent marriage, you earn more than your partner, you will be quitting employment to raise a family, you are much poorer than your partner, you have an estate plan in place, you own part of a business, or your partner is in considerable debt.

To find out how a prenuptial agreement can benefit your specific situation, you should speak with a Long Island family attorney at Wisselman, Harounian & Associates. Having been established for more than 30 years and focusing primarily on divorce and matrimonial law, the firm can ensure that your prenuptial agreement complies with state laws and is legally binding. They can also help you mediate any conflicts that may arise while drafting such an agreement. In the end, these conflicts may be minor compared to what can arise in courtroom litigation should your marriage meet an unfortunate end.

Contact a Long Island prenuptial agreement lawyer at Wisselman, Harounian & Associates today.

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