A postnup, also called a postnuptial, agreement is a legal contract between a married couple that settles potential such as property division and alimony. The agreement is made in the event the couple divorces or one spouse dies.
Married couples decide to obtain a postnup for many reasons besides the fact they may divorce. Many spouses try to save their marriage after a crisis such as one spouse having an affair. Another reason is this may be a second marriage. One or both spouses may have property or assets they want to provide to their children from a prior marriage. However, they must obtain a postnup to make sure that happens. Other reasons why married couples obtain a postnup include:
.Define what is marital property
.Define any maintenance obligations if they divorce
.Define separate property
.Significant change in one spouse’s financial status such as a job loss or business closing
When are Postnups Made in a Manhattan Marriage?
A postnup can be made at anytime during the marriage. This is different than a pre-nuptial agreement. A prenuptial agreement is only made prior to marriage. Many couples typically seek a postnup any time there is a change in their lives that may require protection of assets, money or property. The goal of the postnup is to change a pre-nuptial agreement or make an agreement because something changed in their personal lives or in their marriage.
New York DRL 236b(3) Makes Manhattan Postnups Valid
State law requires postnups to be written legal document to be enforceable. Also, the agreement must include the following to be enforceable and valid by state law:
1. Each spouse must be represented by separate legal counsel.
2. The postnup must be fair to both parties. Any time a postnup favors one spouse over another it will be deemed invalid. One example is one spouse getting everything if they divorce the other spouse.
3. Each spouse must fully disclose all asset, property and money they own at the time of the postnup negotiations. State law requires full disclosure from both parties about any known or hidden assets, money or property each spouse owns.
4. Each spouse must enter into the postnup free of duress or coercion. This means a spouse cannot force their spouse to obtain or sign a postnup. The Basics of a Postnup Agreement in Manhattan
A postnup agreement outlines what happens in the event the couple divorces or one spouse dies. During postnup negotiations, each spouse agrees on one or more of the following depending on the circumstances:
1. What assets become or remain martial property: In a divorce, marital property, or community property, is owned by both spouses. This means it is divided between them in an equitable way.
2. What assets become or remain separate property: Separate property is any asset, cash or property own prior to marriage. It is solely owned and controlled by one spouse. It cannot be divided and give to the other spouse during a divorce.
3. How property will be divided: During a divorce property division involves determine who receives certain property such the family home, cars and jewelry. The spouses will determine who gets what in the postnup.
4. What debts will be marital or separate: Debts considered marital debts are paid by both spouses unless the postnup indicates one spouse will pay.
5. Alimony: Alimony or spousal support, is money paid by one spouse to their ex-spouse. It can be temporary or permanent monthly payments. If permanent, the spouses agree that the money will be paid until the spouse making payments dies or the spouse receiving the payments remarries.
Seeking a Postnup Agreement? Contact Us Immediately for Legal Representation
If you are sekking a postnup agreement in Manhattan, contact us for assistance. You need a skilled, experienced postnup attorney to represent you and get the terms you desire during the negotiations. Also, you need a postnup attorney to ensure the agreement is valid. The last thing you want is for the postnup agreement to be challenged if your spouse dies or if you two divorce.
Our firm has been serving Manhattan for years and representing clients our are well represented in postnup negotiations. You only deserve the best in your postnup negotiations. Contact us for assistance.
Todd is a miracle worker who will work tirelessly for you and your family. He is one of the few attorneys i've met - who I earnestly trust to protect me, and who I am happy to refer to our friends and fellow family members. The Spodek Law Group is someone you want on your side, because they will treat you just like family. Todd and his team are available 24/7, and they always answered our calls. Even when we were being irrational, and crazy - they were calm and super helpful. Just call Todd. He gives you a free consultation and is very understanding.- Donna & Robert
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