Prenuptial Agreement Checklist for New York Couples
If you have made the decision to put together a prenuptial agreement, make sure that it has been reviewed by a New York family lawyer before you sign it. Many times, an individual with experience in the field can catch possible problems and alert you to changes that would be in your best interests.
First, make sure you have outlined plans for premarital assets and debts. Any kind of property can be classified in this matter, and the most common provision in a prenuptial agreement is to allow the spouse who has original ownership to keep that ownership in the event of a divorce.
Second, think about marital property. This refers to debts and assets accumulated as a couple after marriage, and you’ll want to consider whether these will be jointly owned or whether another arrangement is most suitable for your situation.
Don’t forget to factor in debt that has already been accumulated as well as the likelihood of accumulating debt in the future. Joint credit issues can be very problematic if you have not considered how each spouse’s behavior and habits will impact the relationship.
Finally, think about how you’ll manage both income and assets as a married couple. It’s very common for two spouses to have different money styles, but this can cause a lot of disagreements and confusion if plans are not outlined in a prenuptial agreement. Think about basics like who will be in charge of the checkbook and how large expenses will be handled. Consider in advance what decision-making processes make the most sense for your marriage and discuss it with your future partner. Not all prenuptial agreements address the day-to-day finances of the marriage and it’s something worth discussing up-front in the relationship.