On Valentine’s Day we think about love and marrying that “special someone.” If this Valentine’s Day you are swept off your feet and floating towards a trip down the aisle, grab on to the nearest plush teddy bear and box of chocolates and pull yourself back down to earth. Before you embark upon your journey of wedded bliss, consider a prenuptial agreement. While it might not be as romantic as a candlelight dinner, it is a good way to protect yourself from heartbreak and headaches if those Valentine’s roses should shrivel up a few years down the road.
By definition, prenuptial agreements look to the future and even though they are not particularly effective in dealing with custody issues, they can be a very effective tool to control the designation of property and assets--especially those assets that you acquired before the marriage. A prenuptial agreement can help you maintain possession of assets that you wish to pass to your children. If you own a home there are several reasons you should consider a prenuptial agreement. If there is a mortgage on your pre-marital residence, it can control what funds you will use to make your monthly payment. On the other hand, maybe you plan to use pre-marital assets to purchase a residence with your future spouse. In that case a prenuptial agreement can ensure that you would receive a credit for any separate property funds that you contribute towards the purchase of the home.
Before you float away on a heart shaped cloud this Valentine’s Day, remember to tie down your assets by securing a prenuptial agreement with the experienced family law attorneys at Cohn Lifland Pearlman Herrmann & Knopf LLP.