When most people are getting married, they’re not thinking about the possibility of a divorce. A decision to marry is generally primarily based upon love and affection, not finances. However, the NY State views marriage as a financial contractual union. In light of the fact that roughly 40 to 50% of all marriages end in divorce, it makes sense to consider the financial ramifications in the unfortunate event of divorce. Although generally an unpleasant topic during the period of time that you are excited about starting a life with your partner, a prenuptial or postnuptial agreement may save a great deal on legal fees and time in the future while lessening the stress of wondering what will happen to your finances in the event of divorce.
But what is a prenuptial agreement or postnuptial agreement (prenup or post-nup, for short) and how does that make things easier in the event of a divorce? Put simply, prenups and post-nups are agreements between two people who either are about to be married (prenup) or are already married (post-nup) regarding the division of their assets, debts and possibly support in the event of a divorce.
Without a prenup or post-nup, all these issues need to be hammered out in divorce proceedings which could involve long and expensive negotiations between divorce attorneys and / or court proceedings. It’s a document that you hope you’ll never need, but, if needed, will prove to be extremely beneficial when properly drafted.
If you or a loved one are interested in getting a prenuptial agreement before taking marital vows or, if you are currently married and would like to write up a post-nuptial agreement, the skilled attorneys at Fig Law, P.L.L.C.can help. To schedule a consultation, call our office at office or fill out our contact form.