NYC Prenuptial Agreement Lawyer
There are many reasons couples tend to shy away from prenuptial agreements in New York, but they can serve many legitimate purposes other than implantation of doubt and thoughts of an impending divorce. Marriage is romantic. It is an expression of love and lifelong commitment. Is it appropriate to reduce it to a written contract?
A request to enter into a prenuptial agreement with the help of an experienced prenuptial agreement lawyer in NYC is not to be interpreted as an expectation of a divorce in the future; but rather as an opportunity for two well-meaning individuals to make reasonable accommodation for each other at a time each has only positive feelings for the other.
In general, prenuptial agreements are waivers of rights; limitation on expectations made in recognition that if and when “things” go bad, people tend to behave badly. With these agreements, the parties indicate the attempt to amicably resolve now what conflict, anger, and disappointment may conflagrate into a potentially ugly legal battle in court, in the event of an eventual separation or divorce.
Under present New York State Law, upon marriage, anything of value thereafter acquired by either party presumptively belongs to both parties in substantially equal amounts. However, if “items” of “value” are the property of either spouse prior to the marriage such items remain “with exceptions” the separate property of that party. Thus, it is essential to identify assets possessed at the time of the marriage and to understand how and by what means that property may be protected in the event of the dissolution of the marriage. Only after each party has made full and complete disclosure of all pre-marriage assets and debts can the necessity for a prenuptial agreement be determined and appropriate limitations be discussed.
If you need help with drafting or reviewing your prenuptial agreement, contact a reliable NYC prenuptial agreement attorney today! Call (212) 826-9900 or click here to schedule a consultation with Paul E. Rudder, Esq.
What is A Prenuptial Agreement?
A prenuptial agreement or premarital agreement is a contract by which parties agree to various financial/property terms in the event the marriage should terminate. The discussions pertaining to the document will cover the identification and allocation of assets and spousal maintenance in the event of the divorce.
The content of a prenuptial agreement may cover such concerns as identification of what is marital and what is separate property; what is to happen if marriage is to be terminated; and what is to occur in the event of the death of one spouse.
A properly drafted prenuptial agreement outlines the duties and responsibilities of each party in the event of a future divorce. Except in exceptional circumstances, New York State recognizes the validity of these agreements. It is also important to note that child-related issues (custody and support) are cannot be included in a prenup agreement.
New York Requirements for A Valid Prenuptial Agreement
The basic requirements for getting a valid prenuptial agreement in New York include:
- The agreement must be in writing
- Each party must be represented by separate and independent legal counsel
- It must be duly executed (in the form that would entitle a deed to be recorded) and executed voluntarily.
- Each must have had the opportunity to make reasonable inquiries into the other’s assets and income; and each party indicates the agreement to be fair and reasonable at the time the agreement is executed
- The agreement must not be unconscionable; nor the result of duress; nor so one-sided that a reasonable person would not voluntarily accept its terms.
- The agreement must be notarized
- It must be signed before the marriage occurs
A prenuptial agreement will protect the following assets or items:
- A home, real estate investments, stocks or retirement funds
- Gifts, inheritance or any property you may come to own in the future
- Business and professional practices
- The Value of academic or professional degree
- Future increases in income
- Other property you may have
If you need assistance drafting and negotiating a prenuptial agreement, contact our Manhattan office today to arrange a meeting with a top-rated prenup lawyer in New York City. Paul E. Rudder, Esq. can answer all your questions about prenuptial and postnuptial agreements in New York. Call (212) 826-9900 now to schedule an appointment.
What Are The Benefits of A Prenuptial Agreement?
A prenuptial agreement can benefit couples, preparing them for marriage and provide them with long term protection by:
- Excluding earned income and personal possessions from inclusions in marital formulations.
- Protecting family business/inheritance interests
- Protecting assets including business ownership, pensions, and real estate interests whether in existence at the time of marriage or any time thereafter.
- Limiting or excluding spousal support obligations.
- Protecting one’s estate in the event of a party’s death during the marriage or upon the occurrence of the marital termination event.
Who Should Get A Prenuptial Agreement in New York City?
Despite the common misconception, prenuptial agreements in NYC are not just for the rich or famous individuals. Any couple entering into a marriage has assets they may want to protect, and a prenuptial agreement is often the best way to accomplish this.
In some cases, a parent may wish to protect their children’s inheritance in the event of divorce. Not infrequently a party may want to keep ownership of a home as separate property as it may have been in that party’s family for years or purchased by; that party prior to the marriage. The basic premise, however, is that prenuptial agreement can/will control the future to a degree different from what a court may impose after a trial.
The bottom line is prenuptial agreements enable couples to control their future.
When Is a Prenuptial Agreement A Good Idea?
Drafting a prenuptial agreement is always a good idea. If you have any assets you want to protect, you should consider hiring a prenup attorney to help you properly draft the agreement. Anyone entering into a marriage can have separate property.
Here are some common reasons why people choose to enter into a prenup:
- A spouse may have brought significantly higher assets, properties, monies into the marriage relationship;
- Has a spouse surrendered a high paying job or career to remain at home with the children of the parties; or has a party agreed to follow the other spouse to a new geographic location and has thereby, sacrificed or diminished future career opportunities;
- Or a spouse’s career and earning potential is intimately intertwined in that party’s family long-time business and holdings;
- Either spouse has entered into the marriage with children from an earlier marriage or relationship.
Monetary issues often negatively impact marital relationships. Discussing each parties’ individual assets and debts in advance of the marriage can often prevent or minimize future financial disputes. In fact, in many cases, marriages that have prenuptial in place are more secure than ones that do not.
Common Reasons Couples Choose to Get a Premarital Agreement
In addition to the above reasons, describing why you should consider a prenuptial agreement, there are a few additional considerations that may make sense for your personal situation. Such circumstances include:
- This isn’t your first marriage. Couples that are remarrying tend to have significant financial obligations such as alimony or child support, a prenuptial agreement can protect your new spouse from such obligations.
- Your soon-to-be spouse has accumulated a large amount of debt prior to your marriage. Without a prenuptial agremeent, in the event of a divorce, you could be left dealing with some of your spouse’s debt and outstanding financial obligations.. A prenuptial agreement allows you to remain debt-free.
- You are significantly wealthier than your soon-to-be spouse. A prenuptial agreement ensures thatyour financial assets will be protected.
- You have significantly less money than your fiance. Prenuptial agreements can protect the less wealthy spouse, as well. In the event of a divorce, a prenuptial agreement can address issues like spousal support to guarantee you will be financially protected in the future.
Why New York Prenuptial Agreements Are Becoming More Popular
Prenuptial agreements are becoming more and more popular in New York for many different reasons. One reason is that many people are getting married later in life, which means they likely have more assets (or debts) prior to entering into marriage. Another reason is that more people are entering into a new marriage with children from prior relationships. In both of these instances, and in many other situations a prenuptial agreement allows the couple to negotiate commonly tricky situations before entering into marriage.
Issues That Can invalidate Your Prenuptial Agreement
There are some situations that can invalidate your prenuptial agreement, these instances include:
- The agreement being signed under duress, or one party being coerced or signed without mental capacity
- One or both spouses signing without informed legal representation
- The agreement is deemed to be unconscionable.
The Advantages of Having a Premarital Agreement
Prenuptial agreements have many advantages, including:
- Providing you with the peace of mind that in the event your marriage ends, many of the difficult issues can be resolved quickly and amicably
- Protecting the inheritance rights of your children, grandchildren or heirs from previous marriages
- Ensuring you are not responsible for assuming any significant debt your spouse will bring into your marriage
- Protecting your right to control your business or practice in the event of a divorce
- Protecting commingled assets
- Protecting the assets you inherited, are gifted or have brought into your marriage.
Contact The Best Prenuptial Agreement Lawyer in NYC Today!
If you are getting married and want to learn more about the benefits of prenuptial agreements and how an experienced prenuptial agreement lawyer in NYC can help you, contact Paul E Rudder, Esq. today! Mr. Rudder has over 30 years of experience drafting and reviewing prenuptial agreements in New York.
Call (212) 826-9900 to arrange a consultation to discuss a pre-nuptial agreement.