No one wants to imagine their marriage will end in divorce. Unfortunately, this is a very real possibility for couples in New York, and it's important to ensure your assets remain protected when you enter into a union. CNBC explains the value of prenuptial agreements and how to ensure your document offers the greatest level of protection possible.
When talking about a prenup with your soon-to-be-spouse, it's best to get the ball rolling early. It's best to have the document written at least six months before the marriage so you can rest assured that it meets all your needs. Waiting too long might impact the strength of the document, but it may also be tough to implement so soon before the marriage. For instance, if your spouse refuses to sign just days before you're due to get married, chances are you'll move forward without an agreement in place.
You also want to ensure that the document contains some vital components. Along with ensuring you're compliant with laws in your state, you also want to steer clear of provisions that may be hard or even impossible to enforce. This includes provisions relating to child custody or visitation, as these decisions are made by the court. Other types of provisions also prove hard to enforce, such as rules about who performs certain chores in the home. An attorney can help you devise a prenup that makes sense and is compliant with the law.
Lastly, be honest with your partner about the goals and duties of the prenup. Openly disclose your assets so they can be included in the agreement. Not only will this establish trust between you and your spouse, it will also prevent problems down the line. If you fail to disclose certain assets and wind up divorced, they may be considered marital property and divided accordingly.