New York Prenups: The Reasons Why the Number of Prenups has Exploded

In the last 20 years the number of prenuptial agreements nationwide has increased by a factor of 5 (or by 500 percent).  This figure is probably higher in New York State.

A. The national divorce rate is over 50 percent overall and significantly higher for remarriages.

  1. According to studies, 70 percent of divorces occur over money.  Even more divorces occur over money that over sex or issues with extended family.
  2. Prenups encourage couples to communicate and compromise about money before the wedding, making it more likely that your marriage will last.
  3. Prenups will alleviate you and your partner’s anxiety and give you both the peace of mind to enable you to get married.
  4. In the event the marriage doesn’t work, a well-drafted prenup will make your divorce less traumatic and cause you, your spouse and children less pain.

B. People have more property to protect than ever before.

  1. Young people are marrying later and by the time they do, they have accumulated more assets.  Whether you have assets now or not, a prenup is always a good idea.
  2. We have a more educated population than ever before, and people want to protect their prospects – degrees or careers, for example. Today’s geek is tomorrow’s CEO. Today’s waitress is tomorrow’s movie star.  The prospective value of professional licenses in New York are subject to equitable distribution
  3. Women come into the marriage with increasingly greater assets to protect.
  4. There has been the largest inter-generational transfer of wealth in history – $40 trillion over next 5 decades from the Depression to the Baby Boomer generation.

C. Divorce laws are murky.

  1. Judges have a tremendous amount of discretion when it comes to whether to enforce prenups and how to divide assets in a divorce,  both being highly subjective areas.
  2. Particularly vague areas of law are critical areas such as stock options, businesses, professional practices and licenses.
  3. Prenups give you and your fiance to power to decide issues for yourselves and write your own contract. Marital agreements can clarify, modify or override existing laws.

If you are interested in having one of our New York prenup attorneys draft your prenup, please contact us at (866) 830-2064 to schedule your free consultation today.

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