New York Prenuptial Agreements: What You Need To Know
A prenuptial agreement can be a point of contention among spouses-to-be. However, they are meant to protect both people from financial issues if the marriage ends. Contrary to popular belief, it’s not a document that simply waives the rights of the spouse coming into the marriage with less money. Nor are they “unromantic.” Here are a few things that many people don’t discuss about a prenup before getting one.
Don’t Let Anyone But You and Your Fiance Decide the Terms of the Prenup
When it comes down to it, the marriage is between you and your fiance. In fact, the prenup should be no different. If your spouse’s parents attempt to become deeply involved in the creation of the prenuptial agreement, this could be a concern. It’s not at all uncommon and a family with a great deal of assets should have some say in a prenup that could potentially affect them. However, the final terms should be between you and your fiance alone.
“Sunset Clauses” are Real and Can Be Helpful to in Protecting a New Marriage and Fostering a Long-Term Marriage
Prenups are used to protect individuals from entering into the marriage where the other spouse is simply marrying for money. However, an issue may arise with conditions that are too strict for a marriage that has lasted 10 years or more. Sunset clauses can help mitigate this issue — they can protect a spouse for a certain period of time early on in the marriage, but dissolve the contract after enough time has passed. If the marriage lasts long enough, the spouse with less assets will then have access to his or her spouse’s assets as in a marriage without a prenup.
A Mutually Beneficial Prenup Sets a Strong Foundation for the Marriage
The most important thing you can do when evaluating a prenuptial agreement is to reach out to a seasoned family lawyer who can help you determine what is and isn’t in your best interests. Often, a good prenuptial agreement will go through several drafts before a final document is decided upon, and typically these drafts are the result of compromises between both fiances.
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