Most couples tend to think that marital contracts are for the wealthy. However, this is far from the truth. Any couple in New York, whether rich or poor, can benefit from the protections offered by a prenuptial agreement.
Unless a person has fairly significant assets, when he or she considers marriage, a prenuptial agreement may be the last thing on his or her mind. When soon-to-be spouses are spending time planning their weddings, it is not surprising that often they give no thought to determining how things will be divided in the event of divorce. While the possibility of divorce is not necessarily a happy topic of conversation, it is one that could prove beneficial if things fail to work out as intended.
Money and property are gained over the course of a marriage. In some cases, this is due to one spouse working, while, in others, this is due to both spouses maintaining employment. The lesser earning or stay-at-home spouse will want to make sure he or she gets a fair share of what was earned during the marriage. This is one area in which a prenuptial agreement is valuable. These decisions can be made before emotions get involved — making it possible to complete the divorce process in a swift and fair manner.
For those in New York whose assets may be few, a divorce can be financially devastating. The economic fallout can be lessened by having a plan in place granting each spouse a fair division of assets. Legal counsel can help draw up a prenuptial agreement that fits a couple’s unique circumstances and ensures that, in the event of divorce, each spouse is financially protected.
Source: fa-mag.com, “Poor Spouses Need Prenups Too, Planner Says”, Karen Demasters, Jan. 18, 2016