Brooklyn, NY – Many couples choose to protect their interests through a premarital or prenuptial agreement. This is especially important for individuals who are business owners, or anyone who had significant assets before they entered into the marriage. The document can address a number of important issues that seriously affect a couples financial future after they separate. When someone is planning on a marriage, they should talk to a local attorney about these issues and draft a prenuptial agreement that will meet their personal needs.
Items that should be in all prenuptial agreements
While most people generally understand the purpose of a prenuptial agreement, there are some specific pieces of information that should always be covered in these documents.
The division of any premarital assets after the divorce is always a concern. In general, the spouse that initially had these assets will want to keep them, and this should be stated in the document. This also can make the divorce case end much more quickly, as property division tends to be the most drawn out phase of any separation.
Debt is another important financial issue for any couple. The premarital agreement should state how debts that were taken on by the couple during their marriage should be divided, and personal debts will likely remain with each spouse separately unless this is addressed otherwise in the agreement.
Property is classified as marital or nonmarital during a divorce. A prenuptial agreement can give specific terms about how property will be handled during this process. The main benefit of addressing this possibility is that nonmarital property can stay with its original owner.
Child support payments can be a significant expense, and sometimes a married couple with a prenuptial agreement will state how a child from a prior marriage is handled after a divorce. In most cases, the biological parent of the child will be responsible for their financial security and issues related to support payments if this is addressed in the agreement.
Things like employment and income are often addressed in the agreement as well. Most people do not keep the same jobs or careers for years or decades. A sudden job loss or change in career can have a significant effect on someone’s income and earning potential. Financial consequences are always important for a divorce as well.
Help from local family attorneys
Elliot Green Law Offices is a firm that is focused on family law issues such as divorces, child custody and support, alimony payments, and domestic violence. Anyone in the Brooklyn area who needs help with these areas can get in touch with the firm to schedule an initial meeting.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201