Protect Your Assets With The Help Of A Prenuptial And Postnuptial Agreements Lawyer
Protecting financial futures is on many people’s minds when they are preparing for marriage. Prenuptial and postnuptial agreements are effective tools not only to ensure that both parties’ assets are protected, but to create mutual understanding about the future and peace of mind.
The topic of prenuptial and postnuptial agreements can seem intimidating. On the other hand, the honesty involved can be refreshing, as neither party will need to harbor secret thoughts but can bring them into the open.
Many engaged and married couples discover that by discussing prenups or postnups, they can be intentional and transparent about their mutual expectations regarding their relationship and ownership of assets during marriage as well as after a hypothetical divorce. Life partners can create a contract to override usual property division assumptions in case of a divorce.
At The Law Firm of Poppe & Associates, PLLC, there is a clear acknowledgment of people’s typical reluctance to bring up the topic of a prenup or postnup. Financ(é)es or spouses are naturally reticent to openly discuss the possibility of a divorce someday. However, many overcome this hurdle by thinking of prenups and postnups as something like insurance.
Factors That Make A Prenup Or Postnup Obviously Sensible
You may want to consider contacting an attorney at Poppe & Associates about negotiating a prenup or postnup if any of the following apply in your lives:
- One person has separate or premaritally owned assets such as a home, stocks or retirement funds.
- Either or both own business(es) or share business ownership with a third party.
- Either is likely to receive a substantial inheritance.
- Either or both people have children and/or grandchildren from a previous marriage.
- One fiancê(e) or spouse is much wealthier than the other.
- One will be supporting the other through college (or has already done so).
- Either or both of you will need to care for elderly parents or a disabled adult sibling.
- One or both of you are or will be in a potentially lucrative profession such as medicine.
- A big increase in income is anticipated because either person’s business is taking off, or a garage band one of you has been playing in has just gotten a contract with a big record company.
- You have gone through a serious rough patch in your marriage; you are working at reconciling and want to remove financial worries from the healing process in your relationship. (Perhaps one of you has had an alcohol, drug or gambling addiction, for example).
Individual circumstances vary, but the above hypotheticals are examples of situations that have prompted many engaged and married couples to decide to create prenups or postnups.
What Are New York’s Rules For Prenuptial Agreements?
In general, prenuptial agreements are valuable tools for couples who are contemplating marriage. They make a lot of sense, for multiple reasons. To be valid in New York, prenuptial agreements must:
● Be entered into voluntarily by both parties, without coercion or duress on either side
● Have full financial disclosure of assets and debts by both parties
● Be in writing (oral agreements are not recognized)
● Signed and formally acknowledged in the same way that a property deed is recorded (meaning that they usually need to be notarized)
● Be fair and reasonable in its terms, so that it is not unconscionable or grossly unfair to either party
It is broadly advisable for each party to have their own attorney representation when a prenuptial agreement is drafted and ultimately executed since that makes certain that everyone’s rights are protected and the agreement is compliant with New York law.
What Can And Cannot Be Included In A Prenuptial Agreement?
Prenuptial agreements can include many provisions, but there are limitations. You can generally include provisions regarding:
● Clarification of separate property that was owned prior to the marriage
● The distribution of real estate, personal property and business interests
● Inheritance rights for children from previous relationships upon death which may override default inheritance rules
● Provisions regarding spousal support, including waivers and limitations, so long as they are not unconscionable at the time of agreement or enforcement
● Provision regarding rights to retirement accounts and pensions
However, no prenuptial agreement can include provisions on child custody or child support. Those matters are always determined based on the child’s best interests. Prenuptial agreements may also not include any unlawful provisions or those that might be deemed immoral, clauses regarding personal behaviors, intimacy or religion, nor any provisions that might be deemed grossly unfair to one party.
Frequently Asked Questions About Prenups And Postnups
If you have questions about marital agreements, you’re not alone. Below, you will find general answers to common inquiries.
How Should I Ask My Fiancé About A Prenuptial Agreement?
Bringing up a prenuptial agreement requires thoughtful consideration. Start by expressing your commitment to the relationship and explaining that a prenuptial agreement can protect both of you. Talk about the benefits of a prenup – how it can establish clear expectations, minimize or avoid any disputes, and set a strong foundation for thorough, transparent communication.
It’s wise to discuss prenups early on in the engagement, so both you and your fiancé ample time to consider their options and seek independent legal advice.
How Should I Respond If My Fiancé Asks For A Prenuptial Agreement?
If your fiancé has asked you for a prenup, take time to process the request without jumping to conclusions. It’s important to view this as an opportunity for mutual protection and enhanced communication rather than a sign of mistrust. Ask for clear reasons behind the proposal and discuss it with a lawyer who can provide an unbiased perspective.
What Are The Differences Between A Prenuptial Agreement And A Postnuptial Agreement?
Both prenuptial and postnuptial agreements are legal family law tools to manage the financial aspects of marriage, but they are executed at different times. A prenuptial agreement is signed before the marriage, outlining the handling of financial affairs and the division of assets in the event of a divorce or death. A postnuptial agreement is similar but is entered into after the couple has already married. While both agreements serve similar functions, the timing of each gives rise to different legal considerations and implications.
Work With An Experienced Family Law Attorney
Kamelia “Mia” Poppe, Esq., has helped countless couples in New York City discuss and prepare for prenups and postnups. Please note that she will represent one of you, and the other should have their own lawyer. Without giving advice, she will gladly explain the process in an initial consultation with both of you.
Contact Poppe & Associates today via email or by phone at 646-665-3903 and schedule your consultation to discuss a prenup or postnup.