Prenuptial Agreements in New York | What You Need to Know
Often, couples avoid even discussing prenuptial agreements. A prenuptial agreement is a legal document that declares how a couple’s assets will be divided in the event that their marriage comes to an end. Because prenups deal with the end of a marriage before the wedding has even taken place, many couples are hesitant to create a prenuptial agreement. But, a prenup is in no way indicative of an impending divorce. Instead, it shows that you are your partner are mature, responsible and ready to handle important financial conversations. Read on to learn more about prenuptial agreements in New York.
What can be addressed in a prenuptial agreement?
Couples seek to draft prenuptial agreements to tackle several financial and marital issues. For example, some couples draft prenuptial agreements to:
- Determine how property will be distributed in a divorce
- Predetermine child custody, child support, or spousal support agreements in the event of a divorce
- Document both spouses’ right to buy, sell or manage marital assets
- Detail both spouse’s right to join and separate property in a divorce
- Document how life insurance policies will be handled
- Preserve their assets, such as inheritances or any other asset accumulated before, or during a marriage
What makes a prenuptial agreement legally enforceable?
In order for your prenuptial agreement to be legally enforceable:
- It must be in writing
- It must be fair and just for both parties
- It must include full disclosure of each spouse’s financial situation
- It must be executed before marriage
- It must be notarized
- Both parties must sign without being threatened or coerced
What if I didn’t create a prenup and changed my mind?
In many cases, spouses get married and later decide they want to create a prenuptial agreement. In this case, you can create a postnuptial agreement. This is the same document, only it is created after the wedding, rather than before.
If you have any questions or concerns about creating prenuptial agreements, our firm is here to help. Reach out today to speak with a skilled and dedicated family law attorney.
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