Wisselman, Harounian & Associates, P.C. Articles The Prenuptial Agreement: Do You Need One?

The Prenuptial Agreement: Do You Need One?

By Wisselman, Harounian & Associates  Oct. 17, 2011 4:16p

Most everyone knows that the longevity factor in today's marriages is not very promising. Many marriages end in divorce, with statistics ranging from 30 to 50 percent. Your chances of maintaining a long-lasting marriage may not be all that good, which is why the prenuptial agreement has arrived in the legal arena. To some it may be a romance-killer, distasteful, and reeking of legal influence or intervention. Yet most financial and legal experts promote it as smart planning for the future.

When you and your future spouse decide to marry, you are not only joining yourselves physically and emotionally, but financially as well. A prenuptial agreement will determine how financial assets will be distributed in the event of divorce or death. This means that you and your future spouse will have to engage in discussions about how to handle these financial matters, which can put trust and confidence into the equation instead of uncertainty.

A prenuptial agreement can include arrangements for handling debts incurred both before and after the marriage as well as any assets, property, sources of income, proceeds, gifts, or inheritances of both marital and separate property. The agreement will require that both you and your partner disclose all of your financial holdings and potential future assets to one another. Disclosure will include all real estate, stock options, investment portfolios, antiques, jewelry, valuable collections, accident settlements, and more. In addition, you can name beneficiaries of pensions, IRAs, and 401Ks and how these plans will be divided. Provisions for spousal support can also be covered in the agreement.

Long Island Divorce Attorney: Not Just for the Rich and Famous

Aren't prenuptial agreements only necessary for the wealthy who have huge assets? Not so, say the experts. You should consider putting into place a prenuptial agreement if you have property or assets, including a home, business, or retirement funds, if you have received or will receive an inheritance, if you have children from a previous marriage or relatives who will need financial care, such as elderly parents, if you are supporting your spouse through college or extended educational programs or training, or if you predict a major increase in your income during the marriage.

If you need legal assistance in addressing this issue and ensuring that your prenuptial agreement is in compliance with state laws, a Long Island divorce lawyer at Wisselman, Harounian & Associates can provide the help you need. The firm is one of the largest matrimonial law firms on Long Island consisting of a legal team with extensive experience and understanding of the laws involved.

Contact a Long Island prenuptial agreement attorney from our firm for legal assistance with drafting, negotiating, or reviewing your agreement today.

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