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How signing a prenup can be beneficial for a young professional

Many who marry young and have little to no assets to their name would never think twice about drafting a prenup before marrying. For one, they believe that their love story is meant to last. And second, they feel as if they have nothing now, so what do they have to protect from their soon-to-be spouse's grasp? Relationship experts argue couples have more to lose from not signing a prenup than they might think.

Even though you might think you're head over heels in love with your mate, life happens. Partners experience a shift in feelings and unforeseen circumstances arise making it impossible to continue making your marriage work. In situations such as this, a prenuptial agreement can make an equitable distribution of assets a much quicker process.

Aside from speeding up the divorce, a prenup also provides you two with the ability to decide how you're going to divide up your assets. Those who don't have prenups in place or that cannot agree with one another on finances ultimately have that decision made by a judge for them.

Making this decision on your own can be particularly important considering that debts you accrue and wages you both earn individually while married can be considered to belong to both of you. By signing a prenup, you two can determine how you wish for your financial matters to be handled if you want them not to perceived as community property.

In terms of what should be included in a prenup, it can include more logistical matters like who gets possession of the family pet if you two split up or if an additional payment has to be made if your spouse is not faithful. It may also spell out what expectations are in terms of how debts and division of assets will be handled or what alimony payments may be.

It may also include a gag order that imposes financial penalties for you or your spouse if you talk poorly about one another. Some prenups fine a spouse as much as $50,000 if disparaging information or photos is shared via social media by an ex.

If you're preparing to get married and are wondering if this type agreement might be right for your particular situation, then a New York City prenup attorney can provide you with the necessary information to make that decision.

Source: Time Money, "Why You Should Get a Prenup Even If You're Young and Broke," Erin Lowery, accessed June 28, 2017

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