Why Every Couple Should Draft a Prenuptial Agreement
It’s a common misconception that only the incredibly wealthy need to worry about prenuptial agreements. The truth is that a carefully drafted prenup can protect your financial security, ensure that you and your spouse are on the same page regarding financial matters, and much more.
At the end of the day, signing a prenup provides a host of benefits regardless of your circumstances. It’s so advantageous, in fact, that family lawyers urge everyone to enter into such an agreement before tying the knot. Here are some of the biggest reasons why:
1. Life Is Unpredictable
If you asked any divorce attorney how many clients knew their marriage was going to end, the answer would probably be close to zero. This is precisely why every couple should draft a prenup regardless of how strong their relationship seems.
Most people don’t enter into a marriage with the intention of ending it, and very few think divorce is a realistic possibility. But family dynamics are complicated, and there are no guarantees in life.
Even if you feel certain that your marriage will last forever, think of the prenup as a kind of insurance policy. You don’t buy auto insurance with the intention of crashing your car; in the event of a wreck, though, you’ll be glad you have it.
2. You and Your Future Spouse Should Be on the Same Page
When drafting the prenuptial agreement, both you and your partner will have to disclose various assets and debts. As such, you’ll get the opportunity to address any financial concerns head-on—and ensure you’re in agreement about your long-term goals.
Starting your marriage with such transparency will only serve to make your relationship stronger. Perhaps ironically, it could also reduce the risk of divorce since money-related issues are one of the leading causes of divorce.
3. You Can Protect the Inheritance Rights of Children from a Prior Relationship
If you have children from a prior relationship, you can include terms in the contract to protect their inheritance rights. In the event of divorce or death, such conditions will ensure they receive what is rightfully theirs without interference.
4. You Can Address More Than Existing Assets
Even if you don’t have many assets yet, a strategic prenup can protect your future assets. If you’re climbing the ladder in a fairly lucrative field, for example, or if there’s an inheritance headed your way, you can implement provisions regarding anticipated assets and finances.
Couples may also use prenups to shield themselves from each other’s debts. Even if you don’t actually get divorced, the document could prove useful should creditors ever come after you—or your property—to pay your spouse’s debts. Its terms may help prove premarital ownership of otherwise vulnerable assets.
Call 716-855-3761 to Speak with a Family Law Attorney in New York
If you need help drafting a prenuptial agreement, contact LoTempio P.C. Law Group. Our approach to the law is built on providing clients with straightforward answers, personal attention, and the customized legal solutions they deserve. Call 716-855-3761 or fill out our Contact Form to schedule a free consultation with a family lawyer in New York.