The Harding Law Firm News

What Will a Prenup Do For Me?

Harding Law Firm - Tuesday, July 21, 2015

—Speak to a Matrimonial Attorney to Decide if a Prenup is Right for You

A prenuptial agreement is one that a couple enters into before the marriage begins. This agreement dictates the rights of each spouse with regards to property, debts and even spousal support. Unfortunately, these are widely misunderstood, and many people assume that a prenuptial agreement is only for millionaires. The fact is that many individuals could benefit from a prenup as long as they understand how it works.  

What a Prenuptial Agreement Can Do For You

While it is true that those with excessive financial wealth will use a prenuptial agreement, they are not exclusively designed for that category of individuals. Instead, these agreements can offer layers of protection for anyone entering into marriage, including:

  • Protecting one or both party’s personal assets
  • Protecting one spouse from assuming the debts of the other spouse
  • Determining how property will be distributed if one spouse dies during the marriage
  • Clarifies any questions regarding financial rights during the marriage
  • Helps couples avoid long, costly divorce disputes

What May Happen Without a Prenuptial Agreement?

Couples that do not have a prenuptial agreement are subject to the state’s laws for divorce and property division. In New York, your spouse would be entitled to:

  • Ownership of any property that was acquired during the marriage, even if you purchased it on your own
  • Some of your property upon your death
  • Sharing any debts that were acquired during the marriage, whether one spouse was responsible for them or not

The most important benefit of a prenuptial agreement is that it allows couples the flexibility to deviate from New York State laws when they divorce. It can also create a clearer picture for a divorce attorney representing your case, because the prenuptial agreement dictates how all financial and communal property will be managed.

Speak with a matrimonial attorney today and see if a prenuptial agreement is right for you. Contact Charles Harding for a free consultation at 518-384-3400