Queens Prenuptial Lawyers
The Importance of Prenuptial and Postnuptial Agreements
It is a wonderful time when you and your significant other decide to get married. A prenuptial agreement is so far removed from your minds. You only want to concentrate on the life you will have together. Of course, everyone enters into a marriage with the expectation that it will last forever. But, the reality is that you must entertain the thought that perhaps your marriage will end. So, perhaps you should also focus on your future.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between you and your partner. It must be signed prior to the marriage. Generally, a prenuptial agreement details the specifics of you and your partner’s assets (including degrees) and liabilities. Both of you must be forthcoming and honest about your assets. In a nutshell, a prenuptial agreement addresses the division of money and property, as well as possible spousal support in the event of a divorce or death. Although such areas are already addressed in New York state laws, a prenuptial agreement makes you and your partner controllers of such areas, instead of the state.
The Uniform Prenuptial Agreement Act (UPAA) has been adopted by the majority of states. However, New York is not one of them. New York state law dictates the requirements for prenuptial agreements. The requirements are as follows:
- Must be written, not oral;
- Must be signed well in advance of the wedding date;
- Cannot be unconscionable (utterly unfair);
- Must be notarized;
- Must be implemented voluntarily (no pressure was applied); and
- Must contain accurate information.
A common misconception is that prenuptial agreements help only wealthy individuals. Its purpose is to provide protection for you in the event your marriage fails. As such, it can address a variety of matters. Such matters include:
- Individual property;
- Debt;
- Support; and
- Maintenance.
All assets and property acquired prior to the marriage is considered individual, or separate, property. This is property you bring to the marriage. As such, this property is different from the property you and your spouse acquire together. And, a prenuptial agreement will specifically address this division. It is imperative that your individual property is kept separate from the marital property. If it does not remain in your name only, then it could very well be considered marital property and divided accordingly between you and your spouse in a divorce.
We all have some form of debt. However, if you or your spouse has accumulated a significant amount of debt prior to the marriage, then it needs to remain with each spouse. And, a prenuptial agreement can declare such.
If your under-aged children from a previous marriage are not adopted by your spouse, then provisions need to be made for them. A prenuptial agreement will ensure that financial support is provided for your children if a divorce occurs.
If it has been determined that you or your spouse will not pursue your career and become a stay-at-home parent, then a prenuptial agreement can address the financial aspects of this arrangement during the marriage. It can also address the type of spousal support that will be paid during or after a divorce, or if it will be paid at all if a divorce were to occur.
If you are considering a prenuptial agreement, then you should consult a lawyer. A prenuptial agreement can be a challenging document to draft. It requires precision and attention to details. You need a lawyer who knows how to craft such a document. His knowledge will allow him to prepare an impenetrable prenuptial agreement that will withstand any challenge in court. Both your prenuptial agreement and attorney will function as one to protect your interests.
What is a Postnuptial Agreement?
After the wedding, couples can opt to have a postnuptial agreement. This agreement plays the same role as a prenup agreement in ensuring that the spouses are secured and protected in the marriage. Arguably, postnuptial agreements are considered to be the foundation of lasting marriages that built on a solid foundation of mutual trust.
Hiring an experienced Queens postnuptial attorney to help with the drafting of your postnuptial agreement is important. Your lawyer will help you come you come up with a balanced postnuptial agreement that fulfills all legal requirements for such an agreement. There is no need to waste time in drafting an agreement that will not be enforceable in court. Get it right from the onset and let our professional team of Queens postnuptial lawyers help you with drafting your postnuptial agreement.
Benefits of a Postnuptial Agreement
Postnuptial agreements offer couples a wide range of benefits. Here are some of them:
- Encourages financial unity and openness in marriage: A postnuptial agreement helps couples to open up about their assets, debts and liabilities to each other. This in effect places the spotlight on the finances of each spouse enabling them to discuss how to handle all debts and liabilities and how to manage their marital assets. Additionally, couples can discuss whether they would like to merge their insurance, bank accounts, trusts, estates and other accounts for ease of management. The postnuptial agreement can also describe how marital assets, debts and liabilities will be shared between the couple in the event of a divorce.
- Sets out how marital property will be divided: It is ill-advised to engage in property division during a divorce. In the absence of a prenup or a postnuptial agreement, you might be forced to brave the storm that comes with having to decide on how your property will be shared between you and your Ex. Imagine the emotions that come with contested divorce proceedings and now you have to add a gruesome fight with your ex over who owns what or who should keep which piece of furniture. Instead of chancing, you can choose to have a postnuptial agreement drawn up with details of how your property will be divided in case you decide to part ways with your wife or husband.
- Secures the financial future of your children: Children from previous marriages risk losing a huge chunk of their inheritance when their parents remarry. As caring parents, you need not expose your children to consequences they never signed up for. What you need to do is to have a postnuptial agreement in place detailing the portion of your assets that will be locked in a trust for your children. When a second or third divorce happens, your sharable asset will exclude the amount that you will have tied up in a trust for your children’s inheritance.
- Protection from a spouse with ulterior motives: Sadly, not everyone marries for love; some marry for the money. These “gold diggers” have the habit of getting into a marriage with the hope and intention of making a killing from the assets of their rich catch. Don’t let love blind you. Have a postnuptial agreement that sets up conditions that will not leave you poorer that how you got into the marriage. Choose the person you marry wisely, but above all else, protect your own interest in the marriage.
How an Attorney Can Help
Do you have a prenup? If not, it isn’t too late for you to protect your interest in your marriage. Speak tour skilled Queens Postnuptial Lawyers who will guide you on how to come up with a legally binding postnuptial agreement. Contact us today for a free initial consultation.