A prenuptial agreement is a legal document that declares how a couple’s assets will be split in the event that their marriage comes to an end. Because prenups deal with the end of a marriage, many couples feel that creating a prenup would start their marriage off on a bad foot. This is not the case, in fact, a prenup can benefit both parties by allowing you and your partner to enter your marriage feeling safe, secure, and prepared. If you did not create a prenuptial agreement and later changed your mind, you’re in luck- you can create a postnuptial agreement. This is the same type of agreement, only it is created after the wedding, rather than before. Read on to learn more about postnuptial agreements in New York.
Reasons to create a postnuptial agreement:
A postnuptial agreement can address many issues, including:
- The couple did not define their financial relationship in a prenuptial agreement, and now wish to do so
- A couple seeks to revise or clarify how property and assets will be divided in the event of a divorce
- How marital debts, such as mortgage loans, credit card debt, and more will be divided if a couple should divorce
- Whether one spouse will pay spousal or child support and for how long these payments shall be continued
- A couple is seeking to define each party’s wishes for the property they bought or owned before their marriage
- If one spouse has recently come into a significant amount of money via a job promotion, a large inheritance, won the lottery, etc.
- One spouse may request future support if he or she stopped working to care for children
- Financial insecurity is affecting the stability of a marriage
- One or both parties seek to avoid the stress and expense of the equitable distribution process
- How assets will transfer if either spouse dies during the marriage
How do I know if my New York postnuptial agreement is valid?
The five primary qualifications for a valid prenuptial agreement are as follows:
- The terms must be “fair and reasonable” to both parties
- Both parties must have a reasonable amount of time to reach a thoughtful decision regarding whether or not they should sign the agreement
- There must be no evidence of manipulation or deceit by either party
- Each party must retain separate legal counsel, or explicitly waive their right to counsel in writing
- The financial status of each party and any of the assets discussed in the agreement must be fully and accurately disclosed
If you are interested in creating a prenuptial agreement, reach out to our firm today.
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Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.