Knowing how to enjoy a marriage contract and how not to do it is one thing, but whether you really need it is another thing. Before you have a conversation with your partner, you should know if it`s worth it. Here are some questions you should ask yourself and your partner to help you determine if this is the right call: many critics argue that negotiating a marriage before your wedding is wildly unromantic, and the uncomfortable process can cause a marriage to fail before it begins. However, Prenups supporters point out that in the event of a divorce, these agreements can save a lot of trouble, not to mention money, especially if it`s not their first marriage. When a couple decides to split up, prenups can avoid long-term and overly costly legal battles. As everything is already stipulated in the agreement, everyone knows exactly who gets what and there is no room for arguments. A marital agreement gives both parties the opportunity to demonstrate what happens with income and wealth when the marriage ends in separation, divorce or death. Discussing financial issues is never easy, but talking about money before entering into a marriage can save grief and long-term tensions. In the absence of a prenup, the property could be in the hands of your spouse`s children from a previous marriage in place of your own children.
Or they could go to a lazy friend who didn`t contribute much to it, while you were building a business from there, or you wrote a book that became a devastating success. While no one wants to think about a divorce before they even get married, marital agreements (or pre-marital agreements) must set certain conditions in the event that the marriage ends. For example, a person with an established family business may attempt to protect those assets from the other party in the event of a divorce. However, there are some restrictions on what can be included in a conjugal agreement. In New York State, the distribution of assets in the event of divorce is based on equitable distribution, which does not necessarily mean equitable distribution, since public courts take many factors into account in determining asset allocation. A “prenup” agreement is the recommended instrument to ensure that each spouse retains his or her share of the property with which he or she entered into the marriage.