Before getting married, there is nothing wrong with wanting to protect oneself and one’s assets. That is something that a prenuptial agreement can accomplish. However, can these documents be taken to the extreme? Whether in New York or elsewhere, this does happen, but extreme terms are not anything to which a future spouse must agree.
Premarital contracts are used frequently among wealthy individuals and are becoming more commonly used by other couples regardless of financial status. The truth is, it does not matter how much one has going into the marriage. These documents can be used by any couple. Specific terms can be set based on individual need and/or want.
Unfortunately, there are some individuals who take prenuptial agreements to an extreme level. In many of these contracts, the spouse bringing fewer assets to the marriage would be left with practically nothing if the marriage was to end, regardless of why the divorce is sought or how long the union lasted. Once signed, fighting a prenup like this can be difficult. So, taking time to negotiate agreeable terms is vital.
Every relationship is unique, as will be the terms of individual marital contracts. A prenuptial agreement can be a sensitive subject to broach, but failing to look out for one’s best interests can have a devastating effect on one’s future economic situation. With assistance, couples in New York can come to agreeable terms that both individuals feel is fair, while at the same time offer the protections desired and needed.
Source: The Huffington Post, “The Problem With Prenups, Part III: The Dangerous Sport of Extreme Prenups”, Laurie Israel, May 31, 2016