Combining your assets is one of the most difficult aspects of a marriage. When it comes to divorce, separating these assets can be even harder. One of the best ways to protect your assets is with a prenuptial agreement. Read on to learn more about prenuptial agreements in New York.
What is addressed in a prenuptial agreement?
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. These agreements are beneficial to both parties, as they allow you to enter your marriage feeling protected, secure, and prepared for all possibilities. Some of the things you can address in a prenup include:
- How former spouses will contribute to alimony payments
- How their property will be divided, should they divorce
- Both spouse’s right to buy, sell or manage specific marital assets
- How life insurance policies should be managed or owned
- Spouse’s right to join or separate property
- Any other aspect of a divorce that a couple seeks to address, as long as they are in accordance with public policy
What makes a prenup valid?
A prenuptial agreement is an important legal document. As a result, it must meet the following requirements:
- Prenuptial agreements must be in writing
- They must be notarized
- They must be fair and just for both parties
- They must be executed before marriage
- They must include a full financial disclosure at the time of signing and execution
- They must be voluntarily signed by both parties
Can I make a prenup if I am already married?
As stated above, in order to be considered valid, your prenup must be executed before your marriage. But, if you are already married and you wish to create a prenup, you’re in luck. In this case, you can create a postnuptial agreement. This is the same type of agreement, but it is created after the wedding, rather than before.
If your prenup does not meet these requirements, it will likely not hold up in court. This can cause major issues down the line, so it is important to work with an experienced attorney when creating a prenuptial agreement.
If you have any questions or concerns about prenuptial agreements, our firm is here for you. Reach out today to discuss your options with a skilled family law attorney.
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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.