Prenuptial Agreements were once a taboo subject, but they are now gaining mainstream popularity. A growing number of engaged couples are signing prenuptial agreements prior to their wedding day. If you’re engaged, you need to make sure discussing a prenuptial agreement with your partner is an essential part of your wedding planning.
To help aide in your discussion, the staff at Brian D. Perskin & Associates P.C. have put together a list of the most common prenuptial agreement questions and concerns. Check them out!
Q: How soon before my wedding should I get a prenup?
A: Your prenuptial agreement must be signed and notarized at least 30 days before your wedding day. Anything later and you run the risk of your agreement being invalid.
Q: Do my fiancé and I need different attorneys?
A: Yes. You and your fiancé must have separate lawyers. Lets assume you hire a lawyer to draft your prenup. Your fiancé will need to hire an attorney to review the document. The purpose of the second lawyer is to make sure the agreement is not biased in your favor.
New York law requires that two attorneys sign your prenuptial agreement, or else it will not be valid. An invalid prenup will not hold up in court.
Q: How much does a prenuptial agreement cost?
A: The cost of a prenuptial agreement varies per firm, but they are relatively inexpensive. You can call different law firms in your area and ask for a quote, but keep in mind that you get what you pay for.
Be cautious of do-it-yourself programs or legal centers offering low-cost prenups. They can be riddled with errors, and the cost to correct them can set you back a few thousand dollars.
Q: What can be included in a prenup?
A: The purpose of a prenuptial agreement is to differentiate between separate and marital property, and outline how property will be divided during a divorce. Your agreement can include:
- Stipulations regarding individual debt and finances
- The division of marital property if a divorce should occur
- Guarantees that your family’s property, small business, or a future inheritance, will remain your separate property
- Rules for who will manage future joint financial accounts, household bills, etc.
New York State law forbids that prenups include:
- Decisions regarding future child custody or support
- Stipulations that cause one party to waive their right to alimony
- Personal matters or preferences (division of household chores, instructions on child rearing, etc.)
Q: What happens if we divorce?
A: A major benefit to a prenup is that the document settles many divorce issues, before the case even begins! The discovery and equitable distribution phases of divorce are long, tedious, and expensive. Prenuptial agreements can help to alleviate the cost of your potential divorce.
Issues will arise if the agreement is contested during divorce. When this happens, a judge will need to evaluate all of the circumstances surrounding the drafting and signing of the prenup. This process can complicate, and prolong, a divorce case.
Call the Prenuptial Agreement Experts!
Are you interested in a prenup? If so, you need to make sure the agreement completed correctly, and that it is legally binding. You need the Perskin Guarantee! Call the law firm of Brian D. Perskin & Associates P.C. at 718-875-7584 to get started today!