Mineola Divorce Lawyer David L. Martin
Nassau County Divorce Lawyer
Prenuptial Agreement
Nothing can kill romance faster than the word prenup. But with about one in three of all first marriages ending in divorce, and 50 percent of second or third ones hitting the skids, a prenup is smart financial planning, legal and financial experts say.
"Think of it as a business arrangement or as an insurance policy to help remove some of the emotion that's naturally involved," says Nancy Dunnan, a New York City financial adviser and author. "Marriage is not just an emotional and physical union -- it's also a financial union. A prenup and the discussions that go with it can help ensure the financial well-being of the marriage."
A prenuptial accord is a contract between two people about to wed that spells out how assets will be distributed in the event of divorce or death. Such agreements have existed for thousands of years in some form or another, particularly in European and Far Eastern cultures, where royal families have always made provisions for protecting their wealth.
Not just for the rich
You don't have to be a Rockefeller or Trump to need a premarital agreement. A person who has managed to save $30,000 may be more protective of their little nest egg than someone who has millions.
You should consider having a prenup if you fall into any of the following categories:
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You have assets such as a home, stock or retirement funds |
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Own all or part of a business |
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You may be receiving an inheritance |
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You have children and/or grandchildren from a previous marriage |
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One of you is much wealthier than the other |
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One of you will be supporting the other through college |
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You have loved ones who need to be taken care of, such as elderly parents |
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You have or are pursuing a degree or license in a potentially lucrative profession such as medicine |
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You could see a big increase in income because your business is taking off, or that garage band you play in has just gotten a contract with a big record company. |
Approaching the subject
So how does one broach this touchy subject? First, do it as early as possible. The mention of a prenup shouldn't come as a surprise if you and your sweetheart have been open with each other as the relationship became serious.
Kew Gardens Divorce Lawyer David L. Martin
Queens New York Divorce Lawyer
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