A prenuptial agreement is an arrangement drawn up between a soon-to-be-married couple. This document includes important details about what will happen financially if the marriage ends in divorce. Regardless of a couple's income and or the number or value of assets they own, here’s why drafting a prenup is always a smart precautionary measure.
What Are the Advantages of a Prenuptial Agreement?
1. Save Time, Money & Stress
With a prenup in place, all major financial decisions have already been made and agreed upon between both spouses. Should the marriage not work out, there are far fewer details to negotiate and decide upon, which will save long back-and-forths between each spouse and the costly services of attorneys. With financial decisions settled, there will likely be less discord in the divorce and both spouses can enjoy a more amicable split, reducing stress and ensuring both individuals can confidently move forward with their lives.
2. Have Control Over What Happens
Divorce comes with many unknowns, which can be made worse when you don't have a prenup. Without one, you and your spouse may not be able to make mutually agreeable decisions during a divorce, and courts will have to get involved and decide what should happen.
This effectively takes the control out of your hands and gives it to a third party. Determining what should occur now empowers each spouse to look out for their own interests and minimizes court interference later.
3. Prenups Override Divorce Laws
In many cases, the terms of a prenuptial agreement will supersede state divorce laws. As long as you agreed to and signed the prenup in good faith, its terms can be carried out according to your wishes, even if the stated agreements conflict with existing divorce statutes. As a result, you can essentially write the laws that will govern the divorce and make certain you each have what you need to be supported and comfortable.
As you prepare to walk down the aisle, make a prenuptial agreement a priority. We the People of NY can help you draft a prenup with ease. Since 2006, they’ve provided New York City with legal document preparation services. In addition to prenups, they can assist with wills and living wills, simple divorces, and bankruptcy filings. Call (212) 633-2200 or visit them online to schedule a consultation.