If you live in New York and are getting married, you may want to consider a prenuptial agreement. If you are already married, you can create a postnuptial agreement. These contracts can protect you and your spouse financially if you later decide to divorce. However, couples are often hesitant to pursue them because they worry that doing so would have a negative effect on their relationship.
Advantages of a prenup
There are actually potential benefits for the relationship when it comes to prenuptial and postnuptial agreements. Finances are often a point of conflict in a marriage, and creating this agreement can give couples the opportunity to discuss their own financial situation as well as their attitudes about money in far more detail than they might otherwise.
Reasons for a prenup
There are a number of good reasons to create a prenup. One person might be concerned about making sure children from a previous relationship are financially secure. A prenup can protect a business, an inheritance or personal wealth. It can also protect a stay-at-home parent or can include a confidentiality clause to keep marital matters private. The document can outline an agreement that is acceptable to both parties at a time when the discussion is not as fraught as it would be during a divorce.
Preparing a prenup
It is important that the agreement is prepared correctly so that it stands up in court. It should be clear that both parties fully understood the terms of the agreement and that it does not leave one partner at a significant disadvantage. If errors are made, such as a failure to fully disclose pertinent information, a judge could render it invalid.