Marriage is often thought of as a lifelong commitment, but we know that is not always realistic. It may be strange to think about the potential end of your marriage before you have even said your vows. However, it is common to plan for it. If you have been wondering, “What is a prenup?” please keep reading. Our Rochester divorce lawyer, Michelle Cimino, has been handling pre-marital legal concerns for many years. We would be happy to set you up with a consultation today. Give our office a call today.
If you are planning a wedding, you likely are familiar with the legal paperwork you need to make this marriage recognized by New York State, but perhaps you are still wondering, “what is a prenup?” even if you are familiar with the term.
A prenup is short for prenuptial, meaning before marriage. It is also referred to as a contract. You can make them during marriage as well. They would then be called postnuptial. They exist to assign assets, establish financial ownership, make potential divorce easier, and prevent one spouse from absorbing the debt of the other.
Although it can feel a little odd to sit with a lawyer to talk about a potential divorce with someone who you have yet to even marry, this can be important for couples to do to not only ease any anxieties but also ensure that your possible divorce in the future is not more contentious than it has to be.
Do I Need a Prenup?
It is a common misconception that prenup agreements are only for people with a ton of money. However, prenups are for much more than wealthy people. Anyone who wants a prenup can get one.
They are good for couples who would like to set up a plan for any possible divorce that they go through. It can help them delegate money to their children if they have any from previous marriages. They can also assign certain assets to certain children. For example, a family heirloom might go to someone’s eldest as per their prenup, which would protect it from ending up outside of their family.
These assets do not need to be huge. They don’t have to be country-side vacation homes, luxury cars, or trust funds. They can be as simple as the money in a savings account, a 401k, or the premarital home.
If you want to explore the option of getting a prenup before you head to the alter, please let us know. Our attorney Michelle Cimino would be glad to help you.
What Happens if I Don’t Have a Prenup?
If you do not make a prenup with your significant other and you do end up divorcing, the distribution of your assets will be determined by the New York State court system. You will have to litigate your divorce to get any special requests.
For example, if you bought a house together during the marriage and do not have a plan on what to do with it, a judge will decide what happens. That may mean that it ends up belonging to whoever put more money into the house or whoever has custody of any children you shared. It may also be sold, and the profits distributed equitably between the two of you.
That is just one example of how neglecting to have a prenup can make potential divorce cumbersome and contentious.
Call Our Rochester Family Law Attorney Today
If you are asking yourself, “What is a prenup?” before you get married, please get in touch with our Rochester divorce lawyer today. We would be happy to get you set up with a consultation with our attorney Michelle Cimino. Call our office today to get all of your questions answered before you enter into a prenuptial agreement.