New York Laws Concerning Prenuptial Agreements
Even if you want to romanticize marriage, you must keep in mind that it is a legal agreement between two people and prenups can be a useful aid towards it.
A large part of your property becomes commingled (or shared, depending on state law) when you get married, and you also get additional rights and duties. But, by using prenuptial agreements, marriage can be approached with a practical mindset.
These legally binding agreements, accepted and upheld by the courts of New York, establish certain conditions of the marriage, like alimony caps or the designation of specific assets as “separate” and hence exempt from distribution in the event of a divorce.
- Fair
- Completely disclosed all financial information
- Freely chosen
- Using independent legal representation
- Appropriately acknowledged (as confirmed by a third party)
The Essentials Of New York Prenuptial Agreements
Even though state laws impact every resident of the state, reading and understanding the statutes calls for a legal degree. A
lthough New York law is quite clear about whether prenuptial agreements are allowed, it does not offer much help in this matter. However, the useful chart below offers further details regarding what this kind of agreement might cover as well as possible objections to its legality.
| Statutes | New York Consolidated Laws GOB § 3-303 |
| Complete Statute Text | A contract entered upon while contemplating marriage is enforceable even after the marriage is completed. |
| Things Prenuptial Agreements Could Cover | · Designating separate property: After marriage, certain assets remain separate and are not combined or shared.
· Determining marital property: After marriage, certain assets that were previously analyzed as independent property become common property. · Support for children from an earlier marriage: In the event of a legal separation or divorce, support is provided for any non-adopted children from a previous marriage. · Establishing guidelines for support in the event of a divorce or dictating which partner is financially responsible for the other during a marriage is known as spousal maintenance. |
| Challenges To A Prenuptial Agreement’s Legality | Separate lawyers: If both spouses retained the same legal counsel, the agreement will not be upheld by the court if it seems unfair when examined closely.
Unfair or Inequitable: An especially unjust arrangement, possibly putting one partner through financial constraints, will not be upheld. |
Important Notes
- State laws can always be amended by voter initiatives, ruling of higher courts, new legislation, and other channels. Even though one makes every effort to present the most recent information, still by cross-checking the state laws, one is investigating by consulting an attorney or doing their research.
- Prenuptial agreements cannot include provisions on child maintenance and custody as these matters are evaluated and decided by the court in the child’s best interests (except for non-adopted children from prior relationships).
Never Sign A Prenuptial Agreement Without a Lawyer
Prenuptial agreements are difficult by nature because they are essentially insurance policies in case the marriage does not work out. However, prenuptial agreements make perfect legal meaning for some married couples.
Make sure one seeks professional directions from an experienced family attorney in New York before making any decisions. A marriage is a lifetime commitment with probably lifelong repercussions for the wrong choice.
