The high incidence of divorce makes pre-nuptial agreements an indispensable part of the marital and marital-financial planning process. Anyone who wants to protect, manage, and build their personal, family, and business assets after marriage can benefit from a pre-/post-nuptial agreement, or, as the Gravetts like to call them - 'Smart-Nups.'
White Plains, NY (PRWEB) May 24, 2008 -- Marriage is supposed to be about love, romance, and infinitely wondrous possibilities. Unfortunately, divorce becomes a reality for nearly 50% of first-time married couples in the U.S.
The high incidence of divorce makes pre-nuptial agreements an indispensable part of the marital and marital-financial planning process. Anyone who wants to protect, manage, and build their personal, family, and business assets after marriage can benefit from a pre-/post-nuptial agreement, or, as the Gravetts like to call them - 'Smart-Nups.'
"Pre-/post-nuptial agreements help couples to put all of their financial cards on the table upfront," said Attorney Willem Gravett of Gravett & Gravett. "Couples often avoid discussing the 'unpleasant' topic of finances before marriage. In my divorce practice, conflicts about money are at the root of about 70% of divorces. With a 'Smart-Nup' couples can safeguard themselves against the often exorbitant costs of divorce by protecting their assets and investments."
A 2006 Forbes.com report estimates the average cost of a divorce in the U.S. is $15,000 to $30,000. Couples can significantly lower these costs by clearly outlining how property will be divided in the event of a divorce, and which spouse will receive alimony, along with the amount and duration of payments, among other financial provisions. Having documented the agreed upon conditions of the divorce can save couples thousands of dollars in legal fees, not to mention untold hours in the courtroom. Attorney Willem Gravett said he has seen these savings in his practice, "For every $1 a couple spends on a 'Smart-Nup,' they can save anywhere between $100 and $1,000 on the cost of a divorce."
In addition to reducing the cost of divorce, obtaining a 'Smart-Nup' can shorten the negotiation process.
"Divorce is an emotionally draining, time consuming and often expensive process," said Margaretha Gravett of Gravett & Gravett. "Couples typically struggle to communicate effectively when they are involved in the divorce process. The "Smart-Nup" significantly reduces the amount of negotiation, allowing couples to move through the process efficiently and effectively."
The 'Smart-Nup' also helps couples to avoid disagreements over the interpretation of New York Law. For example, New York Law distinguishes between marital and separate property. During a marriage, separate property can easily and unwittingly become commingled with marital property, or be transformed into marital property. This distinction between marital and separate property becomes critically important in the event of a divorce when the judge has to divide the marital estate. By obtaining a 'Smart-Nup,' couples can agree that each of their separate property will under no circumstances become marital, preventing that property from having to be divided in the event of divorce.
For couples without a "Smart-Nup," the courts have far-reaching discretion in all financial aspects of their divorce case. The courts can set the amount and duration of alimony, place a value on your business or professional license, and declare if and when the marital residence should be sold.
With the peak of wedding season fast approaching, couples can start their marriage off on the right foot by protecting themselves against the "what-if…" with a 'Smart-Nup.' It is an effective mechanism for discussing finances before the marriage, reducing the exorbitant cost of divorce, and allowing couples to be the masters of their own financial fate after marriage.
About Gravett & Gravett
Willem and Margaretha Gravett are Personal Family Lawyers™ and founding partners in a boutique law firm focusing on the legal needs of families. They strive to be their clients' trusted advisors for life through their total commitment to client care and service excellence. Serving families in Westchester and Putnam Counties, Gravett & Gravett has offices in both Mount Kisco and White Plains. For additional information visit www.gravettdivorce.com or call 914.358.0036.
Source: PRWeb: Legal / Law
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