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How a prenuptial agreement can help in a high asset divorce

During the divorce process there are many aspects of married life that must be separated for the newly single life. This includes who will have custody of the children and when each parent will see them, and how they will divide marital property.

The issues regarding the children can be complicated no matter how many assets the couple may have, but the division of marital property can be much more complicated in a high asset divorce. Not only is it more difficult to divide many things as opposed to just a few, but generally the types of assets in a high asset divorce can be complicated and difficult to value, much less divide.

One way people with many assets can try to minimize these complications is actually done prior to the marriage. People can enter into prenuptial agreements, which can govern many aspects of a divorce, including asset division.

Prenuptial agreements are basically contracts between the couple. They can define what will be considered separate property both before and after the marriage. They can also define what will be marital property. In addition to defining property, they can also address issues such as spousal maintenance and both marital and separate debts. In order to be valid though, the couple must disclose all their assets to each other and both parties must enter into the agreements freely and not under coercion or duress.

When people go through divorces in New York, it can be a very emotional time for both spouses. Despite the emotions that they may be going through, there are many important and complicated issues that must be resolved. This can especially difficult in a high asset divorce. However, if the couple signs a prenuptial agreement prior to the marriage, it can relieve some of the stress and complications of divorce.

Source: nycbar.org, "Prenuptial Agreements" accessed on Oct. 25, 2017

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