Last Updated on: 11th October 2023, 04:27 pm

Brooklyn Prenuptial Agreement Lawyers: Protecting Your Future

Getting married is one of the most exciting times in a person’s life. You’ve found your soulmate and can’t wait to start your new life together! But before you walk down the aisle, it’s important to have a frank discussion about finances and protect both parties in case the unthinkable happens. This is where prenuptial agreements come in.Prenups get a bad rap as being “unromantic,” but they are an essential part of planning for the future. A prenup allows you to decide on financial issues before emotions get in the way if a divorce occurs. Sitting down with your future spouse and a lawyer to draw up an agreement helps you better understand each other’s financial situations and expectations.I talked to several Brooklyn prenuptial agreement lawyers to get their insights on these important legal documents. Here’s what couples need to know about creating a prenup in New York:

What Exactly is a Prenup?

A prenuptial agreement is a legally binding contract created by two people before marrying. It details how assets and debts will be divided if the marriage ends in divorce. This includes:

• How property like houses, cars, businesses, and inheritance will be divided
• Who is responsible for debts incurred before and during the marriage
• Spousal support payment arrangements
• What happens to retirement accounts like 401(k)s

Prenups often get a bad reputation for benefiting the partner with more assets to protect. But they can benefit both spouses by defining financial expectations from the start. You’re able to create an agreement that works for your unique situation.

Why You Should Consider a Prenup

Here are some of the main reasons Brooklyn lawyers recommend creating a prenup:

• You have children from a previous relationship. A prenup allows you to make sure assets get passed down to your own children.
• You own a business. A prenup can protect your business assets and clarify ownership stakes.
• You have significant assets. Prenups help you decide who gets what in case of divorce. This includes things like real estate, inheritance, investments, etc.
• You’ve been married before. A prenup ensures assets stay separate from previous marriages.
• You have considerable debt. You can specify who is responsible for debts acquired before and during marriage.
• You want to protect future income. Prenups allow you to protect income earned during the marriage as separate property.
• You have mismatched financial situations. If one partner has significantly more assets/debts, a prenup helps even the playing field.
• You want control over spousal support. New York law provides for lifetime spousal support, but a prenup allows you to set limits.

The key thing to remember is that a prenup gives you control over how your assets are divided in case of divorce. It brings up financial discussions that are important to have before taking the leap into marriage.

Creating an Enforceable Prenup in New York

For a prenup to hold up in a New York court, there are certain requirements it must meet:

• Be in writing. Verbal prenups are not valid – it must be a written document.
• Disclose all assets/liabilities. Full financial disclosure is required from both parties. Hiding assets could invalidate the agreement.
• Allow time for review. Your future spouse must have adequate time (at least 10 days) to review the agreement before signing.
• Include a severability clause. This states if part of the prenup is invalidated, the rest still remains in effect.
• Be signed voluntarily. Signing under duress or coercion makes the prenup voidable.
• Get independent counsel. Both parties should have their own lawyer to ensure the agreement is fair.

The key is full financial transparency and giving your future spouse enough time to review the agreement without pressure. Brooklyn prenup lawyers can make sure all requirements are met.

What Can Be Included in Prenups

Prenups give you wide latitude to define financial terms however you want. Here are some common things included:

• Division of assets/liabilities – How property like real estate, businesses, cars, investments, inheritance, and debt will be divided.
• Alimony/spousal support – If one spouse will pay the other alimony in case of divorce, and for how long.
• Life insurance – Requiring one spouse to carry life insurance with the other as beneficiary.
• Retirement accounts – What happens to retirement accounts like 401(k)s.
• Inheritance – If inheritance acquired during marriage is considered separate or marital property.
• Increasing value of assets – How assets that increase in value during marriage, like businesses or real estate, will be divided.
• Custody arrangements – If you have children, you can include proposed custody plans. These aren’t absolutely binding but can provide guidance to the court.
• Sunset provisions – Clauses that make the prenup invalid after a certain period of time or event (like birth of a child).

A prenup gives you flexibility to protect assets and clarify financial expectations. An experienced lawyer can help tailor an agreement to your unique situation.

Using Prenups to Protect the Less-Monied Spouse

Prenups are not just for the wealthy spouse to protect assets. They can also protect the partner who brings less to the marriage. Here are some ways a prenup can benefit the non-monied spouse:

• Receive a lump sum payment in case of divorce – The wealthier spouse agrees to pay a certain amount.
• Get rights to specific property – You can be granted interest in real estate, businesses, or other assets.
• Secure spousal support – The prenup can entitle you to alimony/spousal support for a defined time period.
• Keep gifts/inheritance separate – Assets brought into or acquired during marriage can be deemed separate property.
• Pay off student loans/debts – The wealthier spouse can agree to pay any outstanding debts.
• Clarify ownership stakes – Spell out each spouse’s ownership percentage in businesses.
• Fund continuing education – Include provisions for the wealthier spouse to pay for schooling.
• Protect earning capacity – Keep income/increased earning power during marriage as separate property.

A prenup gives the opportunity to negotiate terms favorable to the non-moneyed spouse. A lawyer can help craft an agreement protecting your interests.

Using Postnuptial Agreements Instead

If you don’t get a prenup before marriage, you can enter into a postnuptial agreement after marriage instead. Postnups are similar legally binding contracts entered into after a couple is married. They allow you to spell out financial terms as your family situation evolves.Here are some reasons you may want a postnup rather than prenup:

• You didn’t get a prenup before marriage but now want one
• Your financial situations have changed significantly during marriage
• You want to change the terms of your prenup
• You inherited substantial assets during marriage
• You or your spouse started a successful business during marriage
• You want to protect assets from new spouses in case of death/remarriage

The same legal requirements apply for postnups as prenups in New York. They must be written, voluntary, disclose all assets, allow time for review, and be signed by both parties with independent counsel.

Finding the Best Brooklyn Prenup Lawyers

The key to creating an ironclad prenup or postnup is working with an experienced attorney. Look for a Brooklyn family law professional with extensive experience drafting these agreements.