Often, couples shy away from talk of a prenuptial agreement because it seems to “chill” the excitement of the impending marriage. In fact, a prenuptial agreement can make a marriage stronger from the start by clarifying key issues surrounding property ownership and how the couple will handle their shared finances.
It’s wise to work with an experienced Long Island prenuptial agreement attorney to make sure the agreement is full and fair. In addition, here are five things you should consider when working to create your agreement:
- What personal belongings are you bringing into your married life?
After a few years, it might be difficult or impossible to prove that you had a particular piece of jewelry, artwork, or the family dog before you were married. Write down everything you’re bringing into the marriage, so there is no dispute later over where it came from.
- What non-tangible assets are you bringing into your married life?
Are you working on a novel or an idea for an invention? Has your work generated substantial professional goodwill attached to your name? Write these down – they have value and should appear in your prenup.
- What financial assets are you bringing into your married life?
List bank accounts, stocks and bonds, annuities, IRAs, and other financial assets. Also, keep less conventional assets in mind. For example, frequent flier miles have value and should be included.
- List family heirlooms separately.
On a separate list from your personal belongings, list heirlooms that have great personal or sentimental value to you. These will be the items you’ll most likely want to take with you if the marriage ends, so list them carefully.
- Which services do you have? List them.
In a high net worth divorce, arguments over who will continue to work with the personal trainer, other personal assistants, the nanny, or the cleaning service can hold up the process. List the services you’re currently working with so you can spell out in the prenup what will happen with each.
If you have any questions about prenups or postnups, DO NOT hesitate to contact the Law Offices of Paul A. Boronow, PC. We can be reached at (516) 227-5353.