Embarking on a second or subsequent marriage is often filled with anticipation and financial concerns. Investment portfolios, property, debt and children from previous relationships can all affect the way you view your life moving forward. Signing a prenuptial agreement in New York may be a responsible way to begin your next marriage.
There are many issues you can address with this legally binding agreement. NBC News reports that prenuptial agreements can handle more than the distribution of assets if you divorce. Ideally, it would be best if you started the prenup conversation shortly after becoming engaged. This can ensure you each have an attorney and time to draft it to everyone’s satisfaction before the wedding.
Finances are one of the most common reasons couples sign a prenup. You likely do not enter a marriage, assuming it will end in divorce. However, the prenup is a contingency plan in the event of its dissolution. You can address spousal and child support as well as debts. You and your beloved may want to take steps that protect certain assets if you divorce. This is often critical if one or both of you have ownership interests in a business.
A premarital agreement can help you protect your children’s inheritance. You can exclude particular items from consideration during a settlement. If you own a business, you can maintain ownership or leave it to your children by addressing it specifically in the agreement. If your parents own a business, they may request that you sign a prenuptial agreement stating your spouse cannot take ownership rights away from you if the marriage dissolves.
A prenuptial agreement addresses many property distribution issues. It might also help reduce legal fees and avoid litigation in divorce court.