Why is Full Financial Disclosure so Important? | Prenuptial Agreements

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Why is Full Financial Disclosure so Important? | Prenuptial Agreements

In order for a legal document to be considered valid, it must meet certain requirements. These requirements will likely be different in every state. In New York, one of the most important requirements of a prenuptial agreement is full financial disclosure. Read on for more information regarding prenups and why full financial disclosure is so important.

What is a Prenuptial Agreement?

A prenuptial agreement is a legal document that declares how a couple’s assets will be split if their marriage is to end. It can cover topics such as:

  • Inheritance
  • Appreciation of assets
  • Alimony
  • Real estate

If a couple does not create a prenuptial agreement and decide they would like to after they have been married, they can create a postnuptial agreement. This is the same document, with the same purpose, just created after marriage instead of before.

How do I Know if I Need One?

There are a lot of misconceptions surrounding prenups. If you have any questions, you should reach out to an experienced Long Island Family Law attorney. Many people think they do not need a prenuptial agreement unless they have a certain amount of assets, or there is a large discrepancy between their and their spouse’s finances. This is not the case. Everyone can benefit from a prenuptial agreement.

Full Financial Disclosure

In order for a prenuptial agreement to be considered valid in a New York Court, it must meet the following requirements:

  • The document must be in writing
  • The document must be signed voluntarily
  • The document must be accompanied by a full financial disclosure
  • The terms must be fair and just
  • The document must be signed before a notary

Full financial disclosure is so important because it ensures that both parties know exactly what they are agreeing to. If you fail to disclose all of your finances, your prenup will likely be considered invalid in the event of a divorce. This could have a lot of negative effects. Prenuptial agreements can shorten, or even prevent litigation entirely. If your prenup is thrown out, you may have to face a lengthy and expensive litigation. Additionally, failing to disclose your financial information entirely can actually be seen as a fraudulent act. This can create legal issues, on top of the divorce you are currently facing.

If you are interested in creating a prenuptial agreement, contact our firm today.

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.

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