Understandably, you may have some reservations about proposing drafting a prenuptial agreement. However, you should know that in today’s day and age, prenuptial agreements are becoming more and more commonplace, and the traditional attitude toward them is shifting. If you’d like to learn more about how a prenuptial or postnuptial agreement may benefit you, please don’t hesitate to contact our skilled Long Island family lawyers today.
What Can I Include in a Prenuptial Agreement?
A prenuptial agreement is a versatile legal tool that can cover a wide range of topics, provided they adhere to state laws and public policy. Some of the things you can include are as follows:
Division of Property: You can outline how assets, including real estate, investments, and personal property, will be divided in the event of a divorce or separation.
Debt Allocation: Address responsibility for pre-marital or future debts, ensuring clarity and financial protection for both parties.
Inheritance Rights: Protect family heirlooms, businesses, or other assets to ensure they remain within your family or are distributed according to your wishes.
Spousal Support: Specify the amount or terms of spousal maintenance (alimony), if any, in case of a divorce.
Ownership of a Business: Define the ownership rights and value of a business, whether it was started before or during the marriage.
Savings and Retirement Accounts: Clarify how savings, pensions, or retirement accounts will be managed or divided.
Management of Finances: Establish rules for managing joint or separate bank accounts, household expenses, and investments during the marriage.
Disposition of Property upon Death: Include provisions that align with your estate planning to dictate what happens to your assets if one spouse passes away.
What Can’t I Include in a Prenuptial Agreement?
While a prenuptial agreement can address many aspects of your financial and personal arrangements, certain matters are strictly off-limits under New York law. These include:
Child Custody or Support: You cannot predetermine child custody arrangements or waive child support obligations. Decisions regarding children must always reflect their best interests and are subject to court approval at the time of divorce or separation.
Unfair or Coercive Provisions: Provisions that are heavily one-sided or were agreed to under duress may not be enforceable.
Lifestyle Clauses That Violate Public Policy: Clauses dictating personal behavior (e.g., weight maintenance, frequency of intimacy) are generally unenforceable and can weaken the integrity of the agreement.
Illegal Terms: Any provisions that violate state or federal laws, such as agreements to avoid paying taxes or engaging in fraudulent activities, will be invalidated.
Waiver of Retirement Benefits Without Consent: Certain retirement benefits, such as those governed by federal laws, require explicit consent and cannot be waived solely through a prenuptial agreement.
What Makes a Prenup Valid and Enforceable in NYS?
For a prenuptial agreement to be legally binding in New York, it must meet several criteria. They are as follows::
Prenuptial agreements must be in writing. Oral agreements, no matter how detailed, are not enforceable.
Both parties must enter into the agreement voluntarily and without any form of coercion, duress, or undue pressure.
Each party must provide a complete and honest disclosure of their assets, liabilities, and income. Failing to do so can render the agreement invalid.
While the agreement does not have to be perfectly equal, it must not be so one-sided that it is deemed unconscionable at the time of enforcement.
Both parties must sign the agreement in the presence of a notary public, as required by New York law.
Though not a strict requirement, it is strongly recommended that both parties have separate legal counsel to ensure they fully understand their rights and obligations under the agreement.
The agreement must be free from fraudulent statements or misrepresentations of material facts.
What If I’m Already Married?
If you’re already married, you cannot draft a prenuptial agreement. However, you can still draft a postnuptial agreement, which serves the same basic function as a prenuptial agreement, the primary difference being these documents are exclusively drafted after marriage. Though the conversation of proposing a postnuptial agreement may be an uncomfortable one, you may find it incredibly worthwhile to have.
Contact Our New York Prenuptial Agreement Lawyers
Sklavos Law Group, PC, we understand that prenuptial and postnuptial are more than just legal documents–they’re tickets to peace of mind, which is invaluable. If you’re looking to draft a prenuptial or postnuptial agreement, please don’t hesitate to contact our dedicated family lawyers today.
