Five Reasons You Should Get a New York Prenuptial Agreement

A New York prenuptial agreement, also known as a prenup, is a settlement that is reached between couples who have decided to get married. This agreement explicitly stipulates the rights and obligations of both parties during the marriage. Although it also involves the domestic aspects of the marriage, it primarily consists of financial and asset distribution rules in the event of divorce or death of a spouse. 
Prenups are incredibly important in ensuring your rights and assets are secure, and you should make sure to hire an effective NYC prenup agreement lawyer who can help you make sense of the process.

Five Reasons to Get a Prenuptial Agreement

Here are the five main reasons why you should get a Prenuptial Agreement in New York and choose an NYC prenup lawyer at Brian D Perskin & Associates:

Protect Finances Accumulated Before Marriage

One of the common reasons for having a New York prenuptial agreement is the existence of any financial obligation incurred prior to the marriage. If either of the spouses came from a previous marriage, chances are, they are taking with them unpaid debts as well as child or spousal support obligations that they are obliged to pay from their previous divorce.
Once you get married, state laws allow creditors and even a previous spouse to collect from your marital account. Prenuptial agreements can ensure that your spouse’s own financial obligations are only theirs and that you are not liable for debts or expenses they have accrued from the past.

Protect Business Ownership 

If either of the spouses owns a business with other people, New York state laws consider the spouse’s share of profit as marital property. This means that in the event of a divorce or death, a part of the business’ earnings shall also be distributed to the other spouse even if he or she does not have any contribution to the business at all. A prenuptial agreement stating that the business and all its earnings are separate properties shall protect not only the spouse’s rights but also that of his or her business partners.

Protect Assets and Inheritance Before the Marriage

One or both of the parties may want to declare sole ownership to assets and inheritance that were acquired prior to the marriage. New York laws entitle the other spouse to one-third of your property after a marriage termination. However, you have the option to declare in a New York prenuptial agreement that a particular asset or inheritance is only yours and not of the family in case of unanticipated circumstances such as divorce or death.

Stipulate Distribution of Expenses

Aside from the separation of assets and liabilities, a prenuptial agreement may also stipulate a distribution of expenses that each couple shall address during the marriage. They may settle for a certain distribution of earnings between the spouses. They can even specify who shall support the education and other financial obligations of their future children.

Seek Equitable Distribution of Enhanced Earnings

In New York, there is a ruling in favor of a spouse who is seeking the equitable distribution of enhanced earnings. These are increases in either of the spouse’s earnings due to a promotion, degree or license attainment. 
To illustrate, if your spouse’s went to a graduate school during the marriage and has increased his or her salary after receiving a new degree, you will become entitled to a part of what he earned after the increase. You may overturn this by explicitly stating in a New York prenuptial agreement that all increases in earnings shall be distributed separately between you and your spouse.
In short, a prenuptial agreement between spouses is the only way to explicitly define and protect the material interests of each party. Prior to marriage, one should always be considered with the help of an NYC prenup lawyer.

Need Help With Your Prenuptial Agreement? Choose Brian D. Perskin & Associates

Our expert team of NYC prenuptial agreement lawyers can help you navigate the process to ensure you arrive at an agreement that favors your interests and needs. Through aggressive yet intelligent and tactful means, we have successfully defended and advised many clients in the New York area. 
Our emphasis on a case-to-case approach allows us to customize our representative strategies to fit the individual needs of you, the client. We promise to uphold the principles of integrity and transparency and will treat you with dignity and respect. Contact us at 877-826-7257 today to learn more.