Prenups can help New Yorkers if there are financial issues

| Jun 27, 2019 | Divorce

Love may overcome a future spouse’s financial and legal troubles for many in Buffalo. Before marriage, however, it is important for a spouse who is marrying someone who already has financial or legal problems to take precautions and ensure there are protections in place if there is ever a divorce.

A candid conversation about legal and financial issues is an important first step. The nature of these issues, the events leading up to them and possible solutions need to be discussed. Speaking about the potential consequences is also needed.

Obtaining and reviewing all relevant legal documents may also reveal what future troubles await each spouse. Exchanging recent credit reports may also reveal whether their future spouse has a history of financial irresponsibility that led to their current problems or that they are reckless or have emotional issues.

Spouses should also consider entering a prenuptial agreement well before they walk down the aisle. A prenup may protect a spouse if there is ever a divorce and insulate them from the other spouse’s debts, protect some of their assets and deal with other issues such as property division. Negotiating a prenuptial agreement also requires financial and legal transparency from both parties, which can lead to the disclosure other potential problems.

A person may ultimately decide that they will not enter the marriage unless a prenup is executed. Therefore, they should consider and learn about a prenup as early as possible and must promptly raise this with their future spouse and seek their help with protecting themselves from their future spouse’s legal or financial problems.

Having independent legal representation go over these issues may also be advisable and may help a spouse protect themselves. In addition to these issues, legal advice should be sought on other potential issues in a prenup such as custody. Each spouse should also have their own family law attorney advise them and review a prenup.