A prenuptial agreement is a legal contract between two parties who are engaged and are about to become married. A postnuptial agreement is a legal contract between two parties who are married. A “marriage contract” is a general term for any agreement in which the parties attempt to define their rights, responsibilities, and obligations regarding various issues, including but not limited to, property ownership and entitlements, property division, support, and other ancillary matters in the event of a divorce. If you’d like to draft a prenuptial or postnuptial agreement, please don’t hesitate to contact a skilled Long Island family lawyer from the Law Offices of Jay D. Raxenberg P.C. for assistance.
Prenuptial & Postnuptial Agreement Lawyer Serving Long Island
Prenuptial agreements are becoming increasingly popular, particularly with those getting married later in life when they already own property or assets, or between those married previously with children from the prior relationship. These days, more and more couples understand that prenuptial or postnuptial agreements are not a sign that a marriage is doomed; rather, these agreements are useful and can provide both spouses with peace of mind and financial security for the future. If you need help creating or looking into any of these types of agreements, reach out to our seasoned legal team today.
What Can I Include in a Prenuptial or Postnuptial Agreement?
When drafting a prenuptial or postnuptial agreement in New York, there are various provisions that you can include to address both current and future financial and personal concerns. These agreements are highly customizable and can cover a wide range of issues, such as:
- Property Division: Specify how separate and marital property will be divided in the event of a divorce, including real estate, bank accounts, investment portfolios, and business assets.
- Debt Allocation: Outline responsibility for debts acquired before or during the marriage, ensuring that one spouse is not held accountable for the other’s liabilities.
- Inheritance Rights: Protect the inheritance rights of children from previous marriages or designate specific inheritance distributions for family members or loved ones.
- Spousal Support (Alimony): Set terms regarding spousal maintenance, including the amount and duration of payments, or waive the right to future support entirely if permitted by law.
- Business Ownership: Define each party’s interest in a business, including management roles and the division of business assets in the event of a divorce.
- Retirement Accounts: Decide how retirement accounts, pensions, and other retirement benefits will be handled, including designating beneficiaries or distributing funds.
- Estate Planning: Coordinate estate planning terms, such as the inclusion of trusts or the division of life insurance policies, to align with your broader financial and family plans.
- Educational or Career Decisions: Address expectations around paying for higher education, career advancement opportunities, or financial support for further education.
- Dispute Resolution: Specify the method of resolving disagreements, such as mediation or arbitration, to avoid lengthy and costly court proceedings.
- Personal Agreements: Include specific personal expectations, such as requirements for household responsibilities or lifestyle choices, though these provisions are generally non-enforceable by a court.
What Constitutes a Valid Prenuptial or Postnuptial Agreement in NY?
Unfortunately, a prenuptial or postnuptial agreement that is not drawn properly, or fails to include statutory provisions, will be rendered useless, ineffective, and unenforceable. This is why it’s so important to hire a competent lawyer who can help you draw up your prenuptial or postnuptial agreement, ensuring it meets all criteria to be valid and enforceable. For a prenuptial or postnuptial agreement to be valid and enforceable in NYS, it must:
- Be in Writing: Oral agreements are not recognized. The agreement must be clearly documented in writing.
- Be Signed and Acknowledged: Both parties must sign the agreement, and the signatures must be acknowledged before a notary public, similar to the formalities required for a deed.
- Full Financial Disclosure: Each party must provide a full and honest disclosure of their assets, debts, income, and liabilities. Failing to disclose all relevant financial information can render the agreement invalid.
- Be Fair and Reasonable: The terms should not be unconscionable or grossly unfair to one party. Courts may set aside agreements that are heavily one-sided or deemed unjust at the time of enforcement.
- Be Entered into Voluntarily: Both parties must willingly agree to the terms without any coercion, duress, or undue influence. Evidence of pressure or unfair persuasion can invalidate the agreement.
- Be Executed Before Marriage (for Prenuptial Agreements): A prenuptial agreement must be signed before the couple is legally married. Postnuptial agreements, on the other hand, can be signed at any point during the marriage.
Contact a Long Island Family Lawyer Today
Don’t attempt to create a prenuptial or postnuptial agreement without a knowledgeable and skilled family lawyer in your corner. Contact the Law Offices of Jay D. Raxenberg P.C. for representation today.