Do You Need A Prenuptial Agreement? NY Family Law Lawyer Explains Prenups And Their Purpose

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Law Offices of David Bliven

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A prenuptial agreement refers to a contract entered into by two individuals planning to get married. It serves primarily two functions:

1. Capture current assets: It documents the financial assets and property both parties hold before marriage. As you might be aware, couples generally enter a marriage full of love and optimism, hardly considering the possibility of divorce. Yet, it's an unfortunate fact that approximately 50% of marriages do end in divorce. Financial institutions maintain records for about seven years, leading to difficulties in divorce cases where proof of premarital assets is required after a more extended period. For example, individuals might struggle to demonstrate the premarital component of their investments and retirement accounts if they have not kept up-to-date records. This is where a prenuptial agreement becomes invaluable.

2. Determine asset distribution upon divorce: A prenuptial agreement helps establish how assets and property will be distributed in the event of divorce. While general divorce law stipulates an equal 50-50 division, your prenuptial agreement can propose a different arrangement. For instance, let's consider a scenario where a future husband owns a house before marriage. In a typical divorce situation, the wife would be entitled to a share of the equity build-up and active appreciation of the property. However, with a prenuptial agreement, you can decide to deviate from this standard rule.

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