Ronald Phillips New York Shares What You Should Know About Prenuptial Agreements
You’re head over heels in love with the person who will be your spouse in a few short months. You are confident that you will be together for the rest of your lives, but you agree to draught a prenuptial agreement just in case. It couldn’t really be that difficult, can it? It might appear simple at this point to select how you would wish to handle your finances if your marriage were to end in divorce. It is possible, though, that you will come to regret any concessions that you made when it’s time to execute the agreement. For this and many other reasons, it is always a good idea to get a seasoned prenuptial agreement lawyer to create your prenuptial agreement before getting married.
Here is what Ronald Phillips New York wants you to know about
Negotiating finances is a difficult business, and it’s made even more difficult by the presence of a couple’s attorneys says Ronald Phillips New York. According to the general rule, both fiancés should retain legal advice to discuss and execute a prenuptial agreement on their own behalf because the agreement may not be legally binding unless both parties retain independent legal counsel. Most attorneys who represent parties in prenuptial discussions conduct themselves as though the entire transaction is solely commercial in nature. Even if some parts of a romantic union may demand the couples to pay attention to money and their financial well-being, marriage is not a commercial relationship.
Is it possible to preserve future income with a prenuptial agreement?
A prenuptial agreement can provide financial security for the couple’s future earnings. A well-drafted written contract, for instance, may enable a spouse who enters a marital relationship with next to no possessions to retain the asset as his or her part of the estate in the case of divorce if somehow the partner later establishes a business, ends up taking over a family company, or otherwise obtains assets. Although future revenues can be secured, it is also possible to eliminate future debts.
They not only let people think about the financial repercussions of marriage, but they also prevent friction in the case of a divorce, preserve assets, and help people achieve their financial goals after marriage. The economic strain on both sides will be lower the less friction there is for the process of dissolving the marriage because anyone who has been through separation will attest. Additionally, if a Prenuptial Agreement has been made and a will has been signed, a Prenuptial Agreement could preserve the wishes of a partner in the case of death.
Hire a professional
It is extremely recommended that you deal with a qualified and experienced family law attorney to assist you with the creation of your prenuptial agreement, just as you would with any other legal matter. While it is legal and possible to construct one without the assistance of an attorney, doing so may provide several problems and hazards that could have long-term consequences for both parties.
For a prenuptial agreement to be fair and beneficial to you, it must be properly structured by an attorney. As per Ronald Phillips New York, they also assist you in identifying blind spots & loopholes that you should avoid. Furthermore, for a prenuptial agreement to be legally valid and binding, it’s written and approved by both couples to be effective.