In such cases where the marriage is no longer working and separation or divorce has entered your mind, having a prenuptial agreement can take a lot of the stress and uncertainty away from making the difficult decision to divorce your spouse.
While divorce was most likely the farthest thing from your mind when you said, “I do,” the reality is two out of every five marriages result in divorce or separation. Being prepared and having a prenup agreement will help you settle financial matters in the event of either a divorce or death.
But you might still be wondering – how does a prenuptial agreement work?
How a Prenuptial Agreement Works
A prenuptial agreement is a signed contract between spouses that lists all the property and debt that each spouse individually owns and specifies what each of their property rights will be after the marriage and the dispersion of such assets in the event of a separation or divorce.
Prenuptial agreements are also commonly used to:
- Clarify each spouse’s financial rights and responsibilities in the marriage
- Pass on certain properties to children from prior marriages
- Protect one spouse from the other’s debt
- Avoid arguments in case of divorce
Who is the Ideal Candidate for a Prenup?
Prenuptial arrangements are usually most associated with the wealthy, but the truth is any marriage is a union of two individuals who are entering into their new partnership with their own personal assets, liabilities, and/or property. It is also not uncommon for one or both spouses to have children from a previous marriage. Therefore, there is no reason why any couple getting married should not consider a prenup.
If you want to discuss the possibility of a prenuptial arrangement with your partner, you should do so well before the wedding. Discussing finances is one of the least romantic aspects of marriage, but it is an integral part of the marriage partnership. Of course, it is essential for both parties to be truthful about their financial situations. If it is determined later that one person hid something from the other, this omission can make the agreement invalid. Be honest about your finances and what you want out of your prenuptial agreement and encourage your partner to do the same. After all, both parties need to agree on the goals of the prenup for it to be fair and satisfactory. Discussing these matters with your partner before you take your vows may help prevent problems and arguments from developing later.
How a Mediator Can Help You Create a Prenup That Works for You
If you and your partner want to create a prenuptial agreement that works for you both, then being able to have thorough, in depth conversations in a calm and comfortable environment is important. At Mediation Professionals of Long Island, we have skilled Mediators with experience helping couples create effective prenups. We can help ensure the details of your agreement get worked out peacefully and fairly. Contact Mediation Professionals of Long Island today and schedule a meeting with one of our Mediators to discuss how we can help you and your soon-to-be-spouse create your prenuptial agreement.