Do I Need a Prenup?
When you’re in the midst of planning your wedding, there are so many different things to take care of. From the caterer and invitations to the flowers and more, you likely don’t want to think about whether you should get a prenuptial agreement with your future spouse. While not everyone may need or want a prenup, there are some things to consider when making this decision. Continue reading to learn what a prenup can offer you.
The Law Office of Donneshia M. Hall in NYC is here to provide the expert legal counsel you need when it comes to prenuptial agreements. With more than 10 years of legal experience, she understands how a prenup can protect you in the event of a separation or divorce. Contact her law office today to schedule a free 15-minute consultation and learn more about how a prenup can protect your assets.
What Is a Prenup?
A prenuptial agreement is an agreement that a couple creates before they are married that itemizes their financial details before entering the marriage. It also lays out how things will be divided should the marriage end. A prenuptial agreement can include a number of different items depending on each person’s personal background. Some of the items a prenup cover include:
- Disclosure of assets, debts, and obligations
- Disclosure of other sensitive information such as prior marriages or criminal records
- Plans for children or careers
- Division of property in the event of divorce or death
- Lifestyle clauses
- Goodwill clauses
- Social media provisions
What Can a Prenup Do?
A prenup can protect you from becoming responsible for your spouse’s debts. Even if you keep your finances separate and your name is on the bank account or the deed to the house, this doesn’t mean that it’s yours alone. In fact, if you live in a community property state, anything that is acquired during the marriage, including debts from credit cards and medical bills, can be considered community property and will belong to both spouses. You can live outside of a community property state and still be held responsible if a good lawyer argues that any debt acquired during the marriage should be considered marital property. You can understand how valuable a prenup can be when it comes to protecting you from someone else’s debt.
Who Benefits From a Prenup?
Prenuptial agreements are not just for the wealthy — they can benefit many different couples. If you choose not to enter into a prenuptial agreement with your spouse, there are two significant aspects of your financial life that can be impacted in the event of a divorce — property and debt.
- Property — any property that is acquired during the course of the marriage is considered shared property, which means you can expect to split the property with your spouse in the event of a divorce. Depending on where you live, the property may be divided differently, as community property states will divide it 50/50 and other states will divide it in an equitable distribution.
- Debt — all debt that is acquired over the course of the marriage, including credit card debt and medical expenses, may also become your debt in a divorce.
How to Get Started With a Prenup
If you want to look into getting a prenup, make sure that you and your partner have talked through the aspects you want to have included. Your lawyer can help with providing a thorough description of each debt and asset, as well as the state laws and property rights. Your lawyer will also have a good sense of how the courts in your state typically respond to prenups and what language should be included or avoided.
Divorce Lawyer in NYC
Whether you are entering a marriage and need to draw up a prenuptial agreement or you are considering a divorce, The Law Office of Donneshia M. Hall is here to provide the expert legal services you need. Contact her today to schedule a free 15-minute consultation and see how a prenup can work for you.