As your wedding day approaches, you may be considering whether or not you should establish a prenuptial agreement. Many couples hesitate to develop such an agreement because they believe it’s in poor taste to plan for the end of a marriage before it even begins. However, a prenuptial agreement is a valuable financial tool that can protect each party’s hard-earned assets in the event of a divorce. You can outline a broad scope of issues in your prenuptial agreement, including the distribution of assets, terms regarding alimony and spousal support payments, and terms regarding who will be responsible for any pre-marital debt. Please continue reading to learn how to address alimony in your prenutpial agreement and how a knowledgeable Nassau County Prenuptial Agreement Lawyer can assist you.
What is a Prenuptial Agreement?
A prenuptial agreement, colloquially known as a prenup, is a legal contract that a couple signs before they enter into a marriage. The agreement outlines how the couple’s assets will be divided in the event of a divorce. A prenup can mitigate the risks of disputes arising during future divorce proceedings.
Many people wrongly assume that prenups are only necessary for high-net-worth individuals. However, a prenup can benefit any couple, regardless of wealth. Although it may be challenging to think about while planning a wedding, prenups can provide comfort in knowing your hard-earned assets will be shielded in the event of a divorce. Therefore, before writing it off entirely due to the negative stigma surrounding such an agreement, you should consult an adept Nassau County prenutpial agreement lawyer.
Can I Address Alimony in a Prenuptial Agreement?
As mentioned above, a prenup can outline a broad scope of issues. A common question when couples contemplate establishing a prenup is how to address alimony. Fortunately, there are several ways to address alimony in a prenup. However, the best way will depend on your particular situation.
It’s crucial to note that every state has a formula for determining how much alimony should be awarded and for how long. Nevertheless, this financial support minimizes the economic discrepancy between divorcing parties. One of the primary ways you can address alimony in a prenup is by waiving it altogether. This means neither party would retain the right to request it from the other during divorce proceedings.
Furthermore, some couples waive alimony in exchange for a more favorable division of marital assets. If you’re set on waiving alimony, you can include a clause for equalization payment as a lump sum equal to the loss of alimony. For instance, you could waive alimony in the prenup and receive one payment that provides financial support following a divorce. However, the higher-earning spouse can avoid a prolonged financial obligation involving making monthly installments.
As you can see, you can address alimony in different ways in a prenup. If you’re considering establishing a prenup before getting hitched, it’s in your best interest to enlist the help of a skilled lawyer from the Law Offices of Eyal Talassazan, P.C. Our legal team is prepared to help you determine if a prenup is right for you.
