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Last Updated on: 2nd August 2023, 05:20 pm
If you are planning to get married, it is vital that you consider protecting yourself and your spouse with a prenuptial agreement. It is not uncommon for couples to go through costly and devastating legal battles during divorce. Therefore, if you wish to avoid this kind of situation, consulting family law attorneys in the Bronx for a prenup can make your life easier.
A prenuptial agreement or ‘prenup’ is a legally binding contract between soon-to-be-married couples. The purpose of such an agreement is to reveal, confidentially, all financial information regarding property and money owned both before and during marriage. This document registers each partner’s rights during the marital union and states how property will be divided when either death or divorce occurs.
When marriage ends in New York state, family law determines how much each party gets as their share; however, this doesn’t have to happen that way if there exists a valid prenup entered into voluntarily by both partners. Using a prenup could give partners control and management of assets while denying the state’s power over financial division upon divorce. Here are some marital issues that deserve clarification via a prenuptial agreement:
A major issue tackled by a prenup concerns separate property – which would refer to assets already being owned by spouses entering into marriage – establishing very clearly what belongs solely to one spouse now stays with them alone even after marriage.
It isn’t only about dividing up possessions set aside customarily as “marital” property, but also includes personal belongings any particular person would define as such within reason; having joint ownership increases discussion about items together that might seem less pressing with clearly defined ownership via a prenup.
Prenups not only set out which parent supports their children financially after separation, but also outline offers made to each partner so everyone knows exactly what’s coming concerning any other financial benefits due. If there are offspring from previous relationships, particularly minors who haven’t been legally adopted by either spouse-to-be entering into marriage, prenups give the lesser earning/breadwinning parent of initial custody an avenue in which they can cover expenses for them along with contingency arrangements as well – just in case.
Not many people think about this beforehand but it could be a problem later: when one enters into marriage with debt, that debt becomes part of the couple’s marital union. The pre-nuptial agreement establishes how debts incurred before or during the marriage will be paid off; otherwise, all joint assets would need to be utilized to manage any spousal debt obligations.
It is crucial for parents to arrange visitation rights ahead of time. In cases where both parents cannot share living spaces (for whatever reason) parent-children restrictions may come into play making plans for future co-parenting arrangements easier if done now rather than interpreted later through expensive court proceedings.
While creating pre-nuptial agreements might seem like a relatively simple affair, some safeguards exist against overburdensome outcomes resulting from poorly written contracts. For example, under coercion or duress-motivated circumstances surrounding negotiations to sign such documents render legal claims unreadable or unenforceable versus being subjected unfairly based on false information – elements subject annually to Family Law revision at federal and state levels.
By getting family law attorneys involved early on in your wedding planning process, you’ll better understand why having a signed prenuptial agreement is not only essential but can also be customized to match your specific needs. Whether focusing on spousal maintenance, the care and upkeep of minor children, or defining liabilities and debts, prenups offer great flexibility to those interested in making sure they are taken care of no matter what happens post-marriage – unlike regretful potential circumstances that may result from having no plan for the worst.
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