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Spring is approaching and many people are in the process of planning their summer weddings. While this may be an exciting, romantic, and stressful period, it is important for you and your spouse to take some time out of your busy wedding planning schedule to discuss the possibility of having a prenuptial agreement. While this may seem like a cold and unromantic conversation to have, it is very important to determine whether it is in the best interest of both parties to have this agreement.

A prenuptial agreement is a contract that is entered into prior to marriage and sets forth the way in which marital property will be divided in the event that the parties get divorced. It may also include the party’s financial obligations to one another, as well as any other requirements the parties wish to include.

While all couples would benefit from having a prenuptial agreement, there are certain individuals that may need a prenuptial agreement more than others. Some of these people include:

  • Individuals with significant assets and resources should ensure that money and property solely owned does not become marital property.
  • Individuals who have inherited assets or resources or will in the future ensure that it remains their sole property during the marriage.
  • Individuals marrying a person with debt, or marrying someone that will likely accumulate debt in the future, should ensure that he or she will not be responsible for paying the debt either now or in the future.
  • Individuals who own a business should ensure that their business is protected.
  • Individuals with a high earning potential should ensure that their financial future is secure.
  • Individuals with children should protect their assets and resources for their children’s future.

A prenuptial agreement is customized to meet every couple’s unique needs, goals, and life situation. It is worth noting that matters of child custody and support cannot usually be incorporated into a prenuptial agreement. While you may not be able to plan for every occasion, there are certain protections that are afforded to both parties in the event that a divorce occurs.

With that being said, it is important to speak with an experienced and knowledgeable lawyer to negotiate and draft the terms and conditions of a prenuptial agreement before the big day. If you are planning to tie the knot this summer and want to enter into a prenuptial agreement, the experienced Long Island divorce attorneys at Larry McCord & Associates, LLC can guide you through the process. Please contact Larry McCord and Associates, LLC at (631) 643-3084 to learn more about the firm’s services.

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