What is the Purpose of a Prenuptial Agreement?

Most people know that a prenuptial agreement outlines certain terms in the event that a married couple gets divorced. Most of these revolve around finances, but a prenup can do so much more than simply outline who will get certain assets if your marriage comes to an end. Below, our Suffolk County prenuptial agreements lawyer outlines the many purposes of these contracts.

Protect Your Business 

Even if you started your own business before you were married, the chances are that upon divorce at least a portion of it will be considered marital property. That could have devastating effects, including the need to sell your business. A prenuptial agreement can classify your business as separate property so you can continue running it even if the marriage does not work out.

Protect Children from a Previous Relationship 

You may have certain property that you want to leave for a child from a previous relationship if you pass away. Or, you may have child support obligations that will continue throughout your new marriage, and any subsequent divorce. A prenuptial agreement can take into account the needs of a child you had before you got remarried.

Provide Financial Stability if Either of You Wants a Divorce 

It is a sad fact that many people stay in unhappy marriages because they do not think they can afford a divorce. It is true that divorce can be very expensive, and result in a loss of property that is important to you. A prenuptial agreement can outline who will keep those assets, and provide financial means for either party in case they want to get a divorce. Making the decision to get a divorce is hard enough. It becomes even more difficult when one is basing it on finances alone.

Remove the Emotions from a Potential Divorce 

Getting a divorce is one of the hardest things a person will ever do, and it is very emotional. Having an agreement that outlines all of the terms can remove many of the disputes that arise during the process. For example, if you want to keep a certain asset you can include that in your agreement so there are no fights about it in the future.

Provide a Solid Foundation for the Marriage 

Prenuptial agreements do not only help couples during a divorce. They can also help people build a more solid foundation for their marriage. A prenuptial agreement requires both parties to talk about their finances, including their income and debt, before they get married. This allows both people to understand the situation completely. Prenuptial agreements can also stipulate how marital income will be spent, which can also give couples a clearer vision for the future.

Our Prenuptial Agreement Lawyer in Suffolk County Can Draft Your Contract 

A prenuptial agreement may be the most important contract you ever draft. At the Law Office of Joshua Adam Kittenplan, P.C., our Suffolk County prenuptial agreement lawyer can draft an agreement that is enforceable and that will protect you now and in the future. Call or text us now at 631-499-0606 or chat with us online to schedule a free consultation.

Source:

nycbar.org/get-legal-help/article/family-law/marital-agreements/prenuptial-agreements/