Brooklyn, NY – Prenuptial agreements are important because they dictate the terms of what should happen after a divorce is finalized, without having to litigate individual issues.
Even when a couple has a valid prenuptial agreement, there are a number of reasons that it can be set aside. Due to this possibility, it is important that anyone who is thinking of drafting a prenuptial agreement before their wedding date gets professional advice.
Reasons why couples get prenups
Prenuptial agreements are common for couples who are planning to marry, but also cautious about protecting themselves in the future if their marriage does not work. They may have certain serious and life changing financial issues to deal with if there is no prenup in place. These often include one spouse being much more valuable than the other, which can lead to an unfair division of property after a divorce, even if the judge considers it “equitable.” Higher earning power is another related issue that may motivate one spouse to get a prenup. The contract can be used to ensure that one spouse will not have to pay a large amount of alimony to help them maintain their standard of living for years or even decades after a divorce. Debt can also become a significant problem when the spouses marry and their finances become intertwined. A prenuptial agreement can be used to limit or eliminate a divorced spouse’s liability for their former partner’s debt.
Business owners should also be weary of getting married without a prenup. Their former spouse, or even their former spouse’s family members may potentially have a claim to part of the business if there is no prenuptial agreement. Elderly couples may have similar issues to business owners, where they can find that their inheritance to their children and estate plan may be disrupted by a spouse or even a member of their family without a prenup.
Common problems that cause prenups to get set aside
There are reasons why these marriage contracts may be invalidated, even if they appear to be sound on the surface. These include duress, impartial disclosure, fraud and other criminal activities, and lack of sufficient time to review the document before the wedding date. The divorce attorney for the party who will be negatively impacted by the prenup will review the contact for these types of issues.
Speak with a family law attorney about legal issues
When issues with a divorce, child support, or child custody, are pending, it is important for clients to speak with their lawyer before making any important decisions. Elliot Green Law Offices focuses on assisting people in Brooklyn and nearby parts of the New York metro area.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201