What are the Requirements of a Prenuptial Agreement?
Today, around 50% of marriages end in divorce. While it is likely that your marriage will not end in divorce, it is a good idea to prepare for all possibilities. One of the best ways to protect yourself and your assets is with a prenuptial agreement. Read on to learn more about prenuptial agreements and how to create one in New York.
What is a Prenuptial Agreement?
A prenuptial agreement is a legal document that declares how a couple’s assets will be divided in the event that their marriage ends in divorce or death. Many people refrain from making prenuptial agreements because of the negative connotation. But prenuptial agreements can protect your and your spouse’s most important assets. Additionally, it can get some of the uncomfortable money conversations out of the way, allowing you to start your lives together having already discussed some of the matters that other couples have to face down the line.
- Premarital property
- Premarital inheritance
- Appreciation of separate property
- Fidelity clauses
- Spousal maintenance clauses
- Marital real estate clauses
What are New York’s Prenup Requirements?
Like other important documents, a prenuptial agreement must meet certain requirements to be considered valid. These requirements include:
- The agreement must be in writing
- Be executed voluntarily
- Include full disclosure at the time of the execution
- Be fair and just to both parties
- Be executed by both parties before a notary
What is the Importance of Full Disclosure?
Full financial disclosure is a necessary part of creating a prenuptial agreement. This ensures that both spouses know exactly what kind of agreement they are entering into. If you enter into an agreement under certain terms, and then later find out some assets were not disclosed, the agreement becomes invalid. In this case, your prenup will likely not hold up in court and will be thrown out. Now, the matters that have been determined in your prenup will potentially need to be decided through litigation. Litigation can be a long, emotionally draining, and expensive process. Additionally, failing to disclose all of your assets can be seen as fraudulent behavior and may lead to further legal troubles.
If you are interested in creating a prenuptial agreement, contact a skilled New York family attorney to get started. We want to help you plan for your future and prepare for all possibilities.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 342-3575.