If a prenuptial agreement is too one sided, it is likely that the other spouse will not sign it.
Brooklyn, NY – Prenuptial agreements can contain important terms about what will happen to a couple in the event of a future divorce. It is common for anyone who has significant personal assets or business interests to get a prenuptial agreement or premarital agreement drafted and signed before the marriage. There are also many other benefits to this type of agreement that can vary based on each person’s specific situation.
The probability of a divorce
While most people are hopeful when they enter into a marriage, the data shows that approximately half of all marriages will end at some point. This means that having a prenuptial agreement in place due to this large chance of divorce is crucial. Most people who are risk averse will want to ensure that they are prepared for the possibility that their marriage may come to a bitter end.
Minimizing divorce costs
A divorce can also be some of the most stressful and financially destructive times of a person’s life. However, a prenuptial agreement is actually one of the best ways to minimize the problems and financial losses caused by a divorce, because much of the most important information about property division is already in the agreement. This means that there will be less time spent in court or litigating issues, which always costs money, as well as spending additional money on hourly attorney’s fees.
Both parties have to review the agreement
If a prenuptial agreement is too one sided, it is likely that the other spouse will not sign it. This encourages fair negotiations and terms that will be acceptable to everyone involved. Those who are about to get married with a prenup in place should also be mindful of the fact that it must be drafted and reviewed with enough time available to avoid complaints of duress or surprising the other party.
Financial conflicts are a serious problem in marriage
While many people think that financial conflicts and people marrying for money are stereotypes, the reality is that financial issues are the most common reason why arguments start and divorces happen. People may want to be idealistic about their marriage, but it is still beneficial to avoid the worst financial consequences of a divorce and get some kind of protection.
New York divorce lawyers are available
Elliot Green Law Offices handles divorces, child custody and support, alimony, prenuptial agreements, and other aspects of family law for local clients. Anyone who needs more information about these issues can speak with the firm’s attorneys.