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New York Pre and Post-Nuptial Agreement Lawyer
Contents
What is a Prenuptial Agreement in New York?
A prenuptial agreement, often called a “prenup”, is a legally binding contract entered into by two people before they get married. The agreement outlines how the couple’s assets will be divided in the event of a divorce or death.In New York, prenups must be in writing and signed by both parties before a notary public. They become effective upon marriage.While prenups were once seen as only for the wealthy, they are becoming increasingly common for couples of all income levels. After all, marriage is not just an emotional union – it’s a financial one too.Some key things a New York prenup can cover include:
- Keeping property separate that was owned prior to the marriage
- Defining how property acquired during the marriage will be divided
- Specifying whether spousal maintenance (alimony) will be paid and in what amount
- Protecting one spouse from the other’s debts
- Clarifying financial responsibilities during the marriage
- Outlining inheritance rights for children from previous relationships
Are Prenups Enforceable in New York?
Yes, prenuptial agreements are legally enforceable in New York as long as they meet certain requirements. The agreement must be:
- In writing
- Signed by both parties before a notary
- Entered into voluntarily
- Fair and reasonable
- Based on full financial disclosure by both parties
If a prenup is challenged in court, the burden is on the party seeking to overturn it to prove it is invalid. This is not easy to do.However, there are some things that cannot be included in a prenup, such as child custody and child support. The court always retains the power to decide these issues based on the best interests of the child.
Benefits of a Prenup
There are many good reasons to consider a prenup, such as:
- Protecting assets you owned before the marriage, like a home, business, or inheritance
- Ensuring your children from a prior marriage receive their inheritance
- Defining each spouse’s property rights and financial responsibilities
- Avoiding long, costly, and public divorce proceedings
- Reducing conflict during a divorce by having clear expectations
- Establishing ground rules for deciding future matters
Contrary to popular belief, getting a prenup doesn’t mean you are planning for divorce. It simply means you are being smart and proactive about planning for your financial future – together or apart.
Postnuptial Agreements in New York
What if you’re already married? It’s not too late. You can still get similar protections with a postnuptial agreement.A “postnup” is basically the same as a prenup, except it‘s signed after the wedding. In New York, postnups are also legally enforceable assuming they meet the same requirements as a prenup.Some situations where a postnup may make sense include:
- You didn’t have time to get a prenup before the wedding
- Your financial situation has changed since you got married
- You want to modify an existing prenup
- You are considering divorce but want to try to work things out
- You want to outline responsibilities for things like household expenses or debt
As with a prenup, child-related issues cannot be decided in a postnup. The terms must also be fair and reasonable, not unconscionable.
5 Tips for a Valid NY Prenup or Postnup
- Each party should have their own attorney review the agreement
- Make a full and fair disclosure of all assets and debts
- Sign the agreement well before the wedding (for a prenup)
- Avoid any provisions that could be seen as promoting divorce
- Choose terms that are fair to both spouses
Do I Need a Lawyer for a Prenup or Postnup?
Absolutely. Prenuptial and postnuptial agreements are complex legal contracts. You should each have your own attorney to ensure your rights are protected.At Spodek Law Group, our experienced family law attorneys can help you draft an agreement that meets New York’s requirements and your unique needs. We know these agreements can be sensitive subjects, so we handle every case with the utmost discretion and care.Don’t leave your financial future to chance. Contact us today at (212) 300-5196 to discuss how we can help protect what matters most.
Prenup or Postnup Myths Debunked
There are a lot of misconceptions out there about prenups and postnups. Let‘s set the record straight on some common myths:
Myth 1: Prenups are only for the rich.
Fact: Anyone can benefit from a prenup, regardless of income level. If you have any assets you want to protect, a prenup is worth considering.
Myth 2: Asking for a prenup means you don’t trust your partner.
Fact: A prenup is simply a practical planning tool. It doesn‘t mean you love or trust your partner any less. In fact, having open and honest conversations about finances can strengthen your relationship.
Myth 3: Prenups are not enforceable.
Fact: As long as the agreement meets New York‘s legal requirements, it is enforceable. However, the court can overturn any provisions that are unconscionable or grossly unfair.
Myth 4: You don’t need a prenup if you don’t have many assets.
Fact: A prenup can also protect future assets and income. It can be especially important if you expect an inheritance or if one spouse plans to take time off work to raise children.
Myth 5: You can include child custody terms in a prenup.
Fact: Child custody and child support cannot be predetermined in a prenup. These decisions must be made based on the child’s best interests at the time of divorce.
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