A prenuptial agreement is a document that declares how a couple’s assets will be split in the event that their marriage ends. Prenups have a harsh stigma surrounding them, but they in no way indicate an impending divorce. Instead, they allow both parties to enter into their union feeling prepared and protected. Additionally, creating a prenuptial agreement allows you to have some important financial conversations before your marriage, rather than facing them down the line. Read on to learn more about prenuptial agreements in New York.
Why Should I Create a Prenuptial Agreement?
Couples draft prenuptial agreements to protect various assets including:
- Ownership rights of disability policies
- Retirement funds acquired before marriage
- Family inheritances
- Each party’s finances
- Any spousal support or alimony obligations, should a marriage end
- Division of property that either or both spouses own
- Ownership rights of life insurance policies
It is important to note that various topics are off-limits when it comes to prenuptial agreements. For example, you cannot include any plans regarding child support, child custody, refusal of alimony, etc.
What makes a prenuptial agreement valid in New York?
A prenuptial agreement is an important legal document. As a result, it must be created and filed a certain way in order to be considered valid. The requirements that must be met include:
- Prenuptial agreements must be in writing
- Prenuptial agreements must be executed by both parties before a notary
- Prenuptial agreements must include a full disclosure
- They must be fair and just
- They must be executed voluntarily
If your prenuptial agreement is found invalid in the event of a divorce, you can face a long, expensive, and stressful litigation process that may have otherwise been avoided. Additionally, you can lose some of the assets you would have otherwise kept. To avoid this, work with a knowledgeable family law attorney.
What to Know About Postnuptial Agreements
Some couples get married without a prenup and later change their minds. In this case, you will be able to create a postnuptial agreement. This is the same document, with the same purpose, but it is created after the wedding, rather than before.
If you are considering creating a prenuptial agreement, contact our firm today to speak with an experienced attorney. We are here to advocate for you and walk you through all of your family law matters.
CONTACT OUR FIRM
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.