Benefits of Getting a Prenuptial Agreement
When you are preparing to get married, considering a prenuptial agreement may seem unromantic. After all, you don’t want to go into a marriage thinking about divorce. However, one of the benefits of a prenuptial agreement is that it can put clear guidelines in place from the start. If you are trying to shield certain property from being divided or valued in a divorce, a prenup defines each person’s personal property, which can not only help you hang onto family heirlooms and assets, but also shield you from the repercussions of your spouse’s debt. If things go awry, a prenuptial agreement may enable you to divorce more amicably, with clarity and civility. Let’s take a closer look at the benefits (or burdens) of a prenuptial agreement.
What is a Prenuptial Agreement?
A prenuptial agreement provides clarity regarding personal assets. It is a contract entered into between spouses prior to marriage, defining the assets that are to remain separate property, as well as setting forth the rights and responsibilities each spouse will have during the marriage. Sometimes, prenuptial agreements detail protection for future assets that will be separate property. Of course, not every asset will be separate, and in a marriage, there is also marital property, to be divided equitably (if under NY law, equally if under California’s) between spouses in case of divorce. By creating this kind of contract before your marriage, you ensure that your family heirlooms will remain in your possession, and your assets will not be lost if you should divorce. A prenuptial agreement reduces the number of unknowns, and provides that, if the marriage should end, the property, investments, and assets will be divided in the manner agreed upon before entering the marriage. It needs to be said, however, that usually a prenup is good for the “have” and not so good for the “have not”.
Signing a Prenuptial Agreement: New York Laws
Will New York courts honor your prenup, since it is often different from the way the law in New York would divide the property? In most cases, yes. As long as the prenuptial agreement is signed in the manner of a deed and is not “unconscionable,” i.e., not unfair in such a way that it is valid and can be enforced, Christian v. Christian, 42 N.Y.2d 63, 396 N.Y.S.2d 817, 365 N.E.2d 849 (N.Y. 1977). However, if one spouse believes that there was fraud involved in the prenuptial agreement, or that he or she was coerced into signing, he or she can contest the agreement, challenging its validity. Be aware, that each spouse should have a separate attorney when entering into a prenuptial agreement.
Finding the Right Prenuptial Agreement Attorney
Prenuptial agreements, like every aspect of family law, require effective legal representation. If you are looking to enter or resist a prenup in New York, look to Cohen Stine Kapoor LLP, a dynamic boutique law firm whose focus is matrimonial and family law. Expertly navigating the modern world of technologically advanced, streamlined legal services, we serve clients in New York City, Westchester and Long Island. Because we recognize that virtual family law proceedings are the future, we embrace this new, efficient way to conduct legal proceedings, and our talented, dedicated team offers proven solutions in every area of matrimonial and family law. We are committed to providing our clients with effective, personalized service, using our deep knowledge and vast experience to address every case, from the simplest to the most complex and high-stakes cases. We are here to represent you, even if it means doing battle, and when you call on Cohen Stine Kapoor LLP, you can rest easy knowing that you are working with the best. For more information or to set up a consultation and learn how our team of experienced attorneys can help you, contact us through our website.