It is a sad fact that about half of marriages in the U.S. end in divorce. And divorce could leave you not only emotionally devastated but also financially debilitated. Here is where a prenuptial agreement could help you. A divorce attorney in Long Island explains the importance of signing this deal before you get married.
An Agreement to Protect Both Parties
A prenuptial agreement is not just for the rich, contrary to popular belief. This deal is necessary, as it acts as your marital parachute in case things go south between you and your spouse. This is especially crucial if you have children from a prior marriage or elderly parents who depend on you financially. A prenuptial deal will also work to your advantage if you want to leave some of your assets to people outside your family or you earn substantially more than your spouse does.
What About a Postnuptial Agreement?
But do not worry if you do not have a prenuptial agreement but later on, have a change of heart. In this case, you can sign a postnuptial deal instead. What is important here is that both parties have their own lawyers to discuss the terms of the agreement. During the negotiations, you both need to refine the document to reflect all your points of discussion and compromises. Like a prenuptial agreement, this will protect you and your assets in case your marriage ends in a divorce.
A prenuptial agreement is indeed a necessary document for couples planning to get married. It recognizes the fact that there are some assets that are not considered conjugal properties, and details how your individual assets are to be treated in case of a divorce.