Why Do You Need a Prenuptial Agreement?

A lot of people bristle when they hear the words prenuptial agreement. It makes sense. You are about to marry the love of your life at the period where you will be most in love with them. Who wants to think about divorce or money at this stage? The first thing you need to know about marriage in New York and all states, is that it is an economic partnership.

Prenuptial agreements or prenups for short, have a bad reputation. I have often heard people say prenuptial agreements leave someone with nothing or can be used to hurt someone. That can be the case, but it does not have to be. You are in control of what you and your future partner add to a prenup. You can be as generous as you want or make them as restrictive as you like.  

Whether you are a high net worth individual looking for security or someone just seeking to protect an asset such as a pension, everyone should have a prenuptial agreement. Often people who do not make tons of money, think they do not need a prenup. Do you work at a job that will pay you a pension or has a 401k? Then you need a prenup! I cannot tell you how many clients have come into my office for a divorce and said, “I don’t have anything for him or her to get a piece of, just get me a divorce.” In New York the

Prenups will protect those assets. Having that clarity will allow both partners to make decisions about how they save their money for retirement during the marriage.

The primary benefit of a prenuptial agreement is security. Everyone can sleep comfortably every night knowing exactly what will happen in the unfortunate event someone wants a divorce. You are not leaving your fate or the fate of your partner up to a judge or the state.