Many couples in New York often hesitate to consider prenuptial agreements for various reasons, as they fear it implies doubt and the possibility of divorce. However, prenuptial agreements can serve legitimate purposes beyond anticipating the end of a marriage. Marriage is a romantic and lifelong commitment that is traditionally viewed as an expression of love. Some question whether it is appropriate to reduce such a sacred bond to a written contract.
Requesting a prenuptial agreement with the guidance of a proficient prenuptial agreement lawyer in NYC should not be seen as an expectation of future divorce, but rather as a chance for two well-intentioned people to make plausible arrangements for each other when they are in a positive and loving state of mind.
In general, prenuptial agreements are intended to waive certain rights and set limitations on expectations. They are based on the recognition that people often act poorly when things go wrong in a relationship. By creating these pacts, the parties are attempting to amicably resolve potential conflicts, anger, and disappointment that could escalate into an ugly legal battle in court if the marriage ends in separation or divorce.
Under current New York State Law, anything of significance obtained by either party after marriage is generally considered joint property. However, items of value owned by either spouse before the marriage still remain separate property, with some exceptions. It is crucial to identify assets owned at the time of marriage and understand how they can be protected in the event of a marriage dissolution. Only after both parties have fully disclosed their pre-marriage purchases and debts can the necessity for a prenuptial pact be discerned and appropriate limitations discussed.
If you require assistance with drafting or reviewing your prenuptial agreement, it is advisable to consult a dependable NYC prenuptial agreement attorney. You can reach out to us at Aronov Law NY to schedule a consultation.
What is a Prenuptial Agreement?
A prenuptial agreement, also known as a premarital agreement, is an agreement in which parties agree to various financial and property terms in the event of a marriage termination. The discussions surrounding this document typically cover the identification and division of assets, as well as spousal maintenance in case of divorce.
The content of a prenup may address concerns such as defining what constitutes marital and distinct property, outlining the consequences of marriage termination, and specifying actions to be taken in the event of a spouse’s death.
A well-drafted prenuptial agreement clearly outlines the responsibilities and obligations of each party in the circumstance of a future divorce. Unless there are outstanding circumstances, New York State acknowledges the validity of these agreements. It is significant to record that child-related cases such as custody and support cannot be incorporated in a prenuptial agreement.
Rise in Millennials Seeking Prenuptial Agreements
According to a current survey executed by the American Academy of Matrimonial Lawyers (AAML), 62% of divorce attorneys noted a boost in the number of clients looking for prenuptial agreements in current years. Interestingly, more than half of the nuptial attorneys who participated in the survey also noted a climb in the number of Millennials calling for prenuptial agreements. The most generally covered topics in these agreements were the protection of separate property, spousal maintenance, and the division of property.
Prerequisites for a Valid Prenuptial Agreement in New York City
To ensure the validity of a prenuptial agreement in New York City, certain requirements must be met:
- The agreement must be in writing.
- Each party must have their own independent legal counsel.
- The agreement should be executed voluntarily and in a form that would allow it to be recorded, similar to a deed.
- Both parties must have the opportunity to inquire about each other’s assets and income, and they must consider the agreement fair and plausible at the time of execution.
- The agreement should not be unconscionable, the result of coercion, or overly one-sided to the point where a reasonable person would not willingly accept its terms.
- The agreement must be notarized.
- It must be signed before the wedding takes place.
Assets Protected by a Prenuptial Agreement
A prenuptial agreement can protect various assets and items, including:
– Homes, real estate assets, stocks, or retirement funds.
– Gifts, inheritances, or future property acquisitions.
– Business interests and professional practices.
– The value of educational or professional degrees.
– Future growths in income.
– Other private property.
Concessions of a Prenuptial Agreement
A prenuptial agreement offers several benefits to couples, such as:
- Leaving out earned income and personal possessions from marital property.
- Safeguarding family businesses and inheritance claims.
- Protecting investments like business ownership, pensions, and real estate, whether obtained before or during the marriage.
- Restricting or excluding spousal support obligations.
- Protecting one’s estate in the event of a spouse’s death or marital termination.
Who Should Consider a Prenuptial Agreement in NYC?
Contrary to popular belief, prenuptial agreements are not solely for the rich and famous. Any couple entering into a matrimony can have assets they wish to protect. Some situations where a prenuptial agreement might be appropriate include:
– A parent wanting to safeguard their children’s inheritance in case of divorce.
– Protecting ownership of a long-held family home or property acquired prior to marriage.
– Controlling future outcomes differently from what a court might impose after a trial.
What to Include in a Prenuptial Agreement
The specific contents of a prenuptial agreement vary depending on the couple’s needs and desires. Some common elements to consider include:
– Income, assets, and debts of each party.
– Protection of family heirlooms or specific personal property.
– Waiver of estate rights.
– Division of property in the event of divorce.
When Is a Prenuptial Agreement a Good Idea?
Preparing a prenuptial agreement is commonly a wise decision for anyone with assets they wish to protect. By hiring a prenuptial agreement lawyer in NYC, individuals can ensure their agreement is properly drafted. Prenuptial agreements are beneficial in situations such as:
– One spouse bringing significantly higher assets into the marriage.
– A spouse sacrificing a high-paying job for childcare or following the other spouse.
– A spouse’s career being closely tied to family business interests.
– Either spouse having children from a previous relationship.
In addition to these reasons, couples in remarrying situations or with significant financial disparities can also benefit from a prenuptial agreement. Ultimately, prenuptial agreements enable couples to have supervision over their financial future and minimize potential disputes.
The Increasing Popularity of Prenuptial Agreements in New York
Prenuptial agreements are gaining popularity in New York for various reasons. One factor is that people are getting married at later stages in life, which often means they have accumulated more assets or debts prior to marriage. Another reason is the growing number of individuals entering new marriages with children from previous relationships. In these situations, and many others, a prenuptial agreement allows couples to address potentially complex issues before entering into marriage. If you require assistance, you can reach out to the top prenuptial agreement firm in NYC, Aronov Law NY.
Factors That Could Invalidate Your Prenuptial Agreement in New York
Certain circumstances can invalidate a prenuptial agreement in New York, including:
– The agreement being signed under compulsion or when one party lacks the capacity or is coerced into signing.
– One or both spouses signing without formal legal representation and informed consent.
– The agreement being deemed unconscionable.
The Benefits of Having a Prenuptial Agreement
Prenuptial agreements offer several advantages, such as:
– Delivering peace of mind that, in the event of a divorce, many challenging issues can be fixed quickly and amicably.
– Protecting the inheritance liberties of children, grandchildren, or heirs from prior marriages.
– Ensuring that you are not held responsible for significant debts your spouse brings into the marriage.
– Protecting your control over your business or professional practice in case of divorce.
– Defending commingled assets.
– Protecting assets that you have inherited, obtained as gifts, or carried into the marriage.
Contact the Leading Prenuptial Agreement Firm in NYC Today!
If you are planning to get married and want to understand more about the usefulness of prenuptial agreements and how a trained prenuptial agreement lawyer in NYC can assist you, reach out to the solicitors in Aronov Law NY! With over 30 years of experience in crafting and reviewing prenuptial agreements in New York, we can provide the guidance you need.
