Do You Need a Long Island Prenuptial Agreement If You Have No Assets?
Many people on Long Island believe that prenuptial agreements are for affluent or older couples who have prior assets and are entering into marriage. They believe that since they’re young and have few assets, a prenup isn’t for them. However, this isn’t usually the case. Prenuptial agreements can put protections in place for all soon-to-be wed couples, even if they don’t have a lot of money to their name. Here’s what you need to know about Long Island prenuptial agreements and how one can protect your interests, well-to-do or not.
Reduce the Chances of a Contentious Divorce
A perfectly peaceable divorce can turn ugly quickly without a prenuptial agreement in place. A prenup can outline how you will proceed with a divorce should you decide to dissolve your marriage later, such as how assets that you own (even if you don’t have them now) will be allocated. This reduces the chances that things will become aggressive because there’s less to argue about. Many of the agreements have already been made and are in writing if a prenup is in place.
Protect Yourself Financially in the Event of Separation
Often, there is some income disparity between spouses at the time of a divorce. This becomes more significant when one spouse stays at home to take care of the children and cannot pursue further education or career opportunities as a result. In the event of a divorce, the lesser earning spouse is at a significant financial disadvantage and may not be able to survive independently. A prenuptial agreement can put provisions in place if this occurs, establishing the duration and amount of agreed-upon alimony payments.
Establish How Debt Will Be Paid
If your soon-to-be spouse is coming into the marriage with debt and you get divorced, that debt may then become both of your debt, unless you have a prenuptial agreement in place that says otherwise. Establish how debt you each bring into the marriage will be paid, as well as debt you accumulate together during the marriage.
Guard Future Accounts
You may not have many assets now, but that doesn’t mean you won’t in the future. A prenuptial agreement can guard future retirement accounts and pensions provided to you by your employer, even before you have them.
Protect Children from Previous Relationships
If you are coming into the marriage with children from a previous partner, it’s important to include them in your prenuptial agreement. The agreement can help you protect your children by excluding particular assets or property from division if you and your spouse separate. For example, if your children have their own college savings accounts set up by grandparents, a prenuptial agreement can exclude those from divisible property.
Contact Our Divorce & Family Law Firm for a Prenuptial Agreement
If you are considering getting married, it’s important to explore the benefits of a prenuptial agreement, whether you have significant assets or not. Don’t subscribe to the antiquated idea that prenups aren’t romantic or you “don’t really love someone” if you get one. Neither of these statements are true. What is true, however, is that prenuptial agreements can afford you and your family numerous protections if your marriage does unfortunately end in divorce. No one wants a divorce, but failing to plan for one can leave you scrambling if you find yourself in the middle of one.
Contact our experienced Long Island family law firm today to learn more about prenuptial agreements and to get help drafting an agreement that works for your family. Call to schedule your free consultation at 631-923-1910.
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