What Should My Prenuptial Agreement Cover?
In today’s economy, divorce can be costly. As such, more and more couples are considering creating a prenuptial agreement before tying the knot to reduce the expense and turmoil accompanying the termination of a union. While no one wants to think about their marriage ending before it even begins, taking the necessary steps to protect your financial future is crucial. A prenuptial agreement allows individuals to set specific terms that would be enforced if the marriage ends. However, it must include specific provisions that protect your interests to provide the most protection if the marriage fails. It’s important to note some limitations to what can be included in this marital contract. Please continue reading to learn what your prenuptial agreement should cover and how an experienced Nassau County Prenuptial Agreement Attorney can help ensure your contract is valid.
What Should a Prenuptial Agreement Include?
To ensure a fair and valid prenup, both parties should provide full financial disclosure, identifying their assets and debts. Separate property includes any assets an individual owned before the marriage or acquired through a gift or inheritance. Marital property, on the other hand, includes assets that spouses acquired during the marriage. New York is an equitable distribution state. This means that the court will divide marital property equitably. The judge will consider various factors to determine a fair split, but it doesn’t necessarily mean an equal 50/50 split. As such, a prenuptial agreement should include distinctions about property division. You can distinguish which assets should be considered separate properties to ensure they aren’t subject to equitable distribution and limit your debt liability.
Unlike most states, New York allows spouses to waive their right to spousal support in a prenuptial agreement. In most marriages, one spouse earns more than the other or stays home and raises children rather than follow a typical career path. Depending on the length of the marriage, the lower-earning spouse may be entitled to financial support from the higher-earning spouse following the divorce to maintain the lifestyle they were accustomed to during the union. A prenuptial agreement can include provisions limiting or eliminating spousal support. However, if it seems unfair, the court could disregard the provision.
Furthermore, if you’re remarrying and have children from a previous marriage, your prenuptial agreement should include provisions that certify the children will inherit their share of the estate in the event of your death. Essentiall,y you can give up the right to claim a share of the other’s property at death in exchange for an agreed-upon amount of assets.
Can I Include Provisions Regarding Child Custody?
Generally, a prenuptial agreement cannot include provisions pertaining to child support. child custody, or visitation. This is because the court always has the final say as they follow the “best interest of a child” standard. The court will not uphold provisions that address parenting rights as it violates public policy. The court would not deny a child the right to financial support, nor would they take away the opportunity for the child to have a relationship with a fit parent.
If you’re considering a prenuptial agreement, please don’t hesitate to contact The Pollack Law Firm, P.C., who can help safeguard your financial interests.
