What to Know About Postnuptial Agreements in New York
Often, finances can be one of the most difficult parts of a marriage. Joining your assets together can be a stressful process. One way to make the process easier is by creating a prenuptial agreement. But, in the event that you do not create this agreement in time, you can still create a postnuptial agreement. Read on to learn more.
What is a postnuptial agreement?
A prenuptial agreement is a document that states how a couple’s assets will be divided in the event that their marriage comes to an end. Many people avoid creating prenups because of the negative association. But, a prenuptial agreement can be extremely beneficial to both parties. If you do not create a prenuptial agreement before your wedding, you can still create a postnuptial agreement. This is the same type of agreement, only it is created after the wedding, rather than before.
Why create a postnuptial agreement?
There are a number of reasons to create a postnuptial agreement, including:
- You and your spouse did not define their financial relationship in a prenuptial agreement.
- One party’s financial circumstances have significantly changed. For example, they may have received a large inheritance or got a big promotion.
- Both you and your spouse are seeking to avoid the potential expense, stress, and uncertainty of the equitable distribution process.
- Financial insecurity is affecting the stability of your marriage.
- Either you or your spouse wishes to secure financial support from another marriage.
What makes a postnuptial agreement valid?
There are several qualifications for a valid postnuptial agreement in the state of New York. They are as follows:
- Postnuptial agreements must be in writing
- They must be signed by both parties voluntarily
- They must be fair and just to both parties
- They must be signed in front of a notary
- They must be accompanied by a full financial disclosure
- There must be no evidence of manipulation, coercion or emotional pressure by either party
If you are interested in creating a postnuptial agreement, our firm is here to help. We will walk you through the process every step of the way. Reach out today to speak with an experienced and dedicated family law attorney.
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