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Can you benefit from a prenuptial agreement?

New York spouses, who are planning to tie the knot by getting married, may also want to set up a prenuptial agreement before they say "I do." However, deciding whether a prenuptial agreement is right for you could involve a considerable amount of thought. To assist you in your decision-making process, consider asking yourself the following questions.

If you answer yes any of these questions below, then you might want to speak with a New York family law attorney about drafting a prenuptial agreement:

  • Do you own any real estate like a homes, undeveloped land or office buildings?
  • Do you have an income in excess of $100,000 annually?
  • Are you the full or part-owner of a business?
  • Do you have at least a year in retirement benefits and savings or more?
  • Have you accrued employment benefits like retirement savings, profit sharing and stock options?
  • Do you want to attend school to obtain an advanced degree while your spouse continues to work, or does your partner plan to do this?
  • Does your estate name particular heirs and beneficiaries who are not your partner?

This list of questions is not exhaustive, but if you answered "yes" to any of them, you might want to discuss the potential benefits of entering into a prenuptial agreement with your soon-to-be spouse. In the event of a divorce, having a prenuptial agreement on file -- one that is both valid and current -- can assist you in resolving your divorce quickly and efficiently. It could also serve to protect your property rights relating to various assets that you owned before your marriage.

Source: FindLaw, "How to Determine if a Prenuptial Agreement is Right for You," accessed Sep. 15, 2017

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