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Prenups may help with property division, asset protection

Getting married can be a joyous time in a person's life. However, this event could also lead many New York residents to consider how such a change could impact finances and other areas. Additionally, they may have even greater concerns about how divorce and property division proceedings could potentially effect their lives. Because of these concerns, creating a prenuptial agreement could be worth consideration.

These agreements could have a number of uses, and if parties are looking to protect their assets, a prenup could be the way to go. Individuals could use their agreements to determine who could be held liable for debts brought into the marriage and other financial issues. By detailing terms that indicate each person's responsibilities, each spouse may be able to protect his or her own assets.

Additionally, individuals who run a company or have other business concerns could also use a prenup to address those concerns. Various financial transactions take place in numerous business dealings, and a business owner may want to use the agreement to prevent the need for his or her spouse to have unnecessary dealings with business transactions. As a result, both parties may be better protected financially.

Of course, a prenuptial agreement can also help during property division proceedings when it comes to determining who remains the owner of what after divorce. If New York residents feel that creating such an agreement could be in their best interests or have other asset division concerns, they may wish to gain more information. Speaking with knowledgeable attorneys could help interested parties determine their best options for asset protection.

Source: lexology.com, "Premarital agreements: more than just a divorce document", Leonce Richard, Nov. 3, 2017

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