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Prenups may prove handy when it comes to property division

Though getting married can be a wonderful step in a person's life, letting the idea of a happily-ever-after cloud someone's judgment could prove detrimental. Rather than quickly saying "I do" and moving on, individuals may first want to consider how the marriage will affect their lives and, maybe more importantly, what impacts divorce could have. Because property division and other proceedings can cause considerable upset, New York residents may wish to consider prenuptial agreements. 

Though a situation in which a wealthy older man is trying to protect his assets from a younger woman may come to mind when thinking about such agreements, prenups can prove beneficial to both parties. Especially now that individuals are marrying at older ages, prenups can help protect premarital assets that either party brings into the marriage. Assets from homes to retirement accounts could be covered in the agreements. 

Individuals can also address more specific aspects such as how spousal support may be awarded. If an individual gave up part of his or her career in order to stay home with the children, detailing terms to how that time could affect alimony may be worth considering. Additionally, time away from work could affect property division if individuals see fit to address such terms in their agreements. 

By creating a prenuptial agreement, individuals may save themselves much stress in the future should they decide to end their marriage. By agreeing to property division, alimony and other terms ahead of time and with a clear mindset, parties could feel more confident moving forward. Gaining information from local reliable resources would help New York residents determine what aspects they would like to include in their prenups.

Source: jaxdailyrecord.com, "Prenups are for women, too", Heather Quick, Feb. 20, 2017

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