Whether you’re planning for a divorce or expecting an inheritance, it’s important to make sure your assets are protected. That’s why more and more couples are drafting prenuptial agreements.
A prenup can help you get protection from debts, like credit card and personal loans that you may have taken on before your marriage. It can also set expectations about saving and investing.
What is a prenup?
A prenup is a legal document that protects a couple’s assets in the event of divorce. It is not a one-size-fits-all document and the terms will vary from couple to couple.
A prenup can be particularly helpful for couples with less money who want to make sure their assets are protected. It can also be useful for couples who have children from previous marriages and are concerned that their children may not receive support during a divorce.
In New York, a prenuptial agreement must be in writing and signed by both parties before a notary public. This can be a challenging process, but with the help of competent lawyers like those at Bikel Rosenthal & Schanfield you can ensure your prenuptial agreement is valid.
It can also be helpful for couples who want to avoid paying large alimony fees after a divorce. A prenup can include a clause that waives spousal support in case of a divorce.
What is a postnup?
Postnuptial agreements are contracts that couples sign after they are married, enabling them to outline how their assets and debts will be handled in the event of divorce or death. These documents can help couples avoid the pitfalls of a contested divorce, which is often accompanied by financial conflicts between spouses.
New York’s Domestic Relations Law sets forth specific guidelines for property division during a divorce or death. However, if a couple’s preferences differ from those set out in the law, they can use a postnuptial agreement to record their wishes.
Postnups are not always used in New York, but it is never too late to secure your separate and marital property. Contact a Manhattan postnup lawyer today to discuss your options and create a document that will protect your best interests should you ever need to litigate a property dispute in court. The team at Friedman & Friedman PLLC, Attorneys at Law can guide you through the process of drafting a valid postnuptial agreement that will give you and your spouse the peace of mind you deserve.
How is a prenup different from a postnup?
A prenuptial agreement is a legally binding contract that sets out what would happen to assets, debts and other things that matter to you in the event of divorce. A postnuptial agreement, on the other hand, is a similar contract that is executed after marriage.
New York law recognizes both types of agreements, and both must meet the same legal requirements. This includes that the agreement is in writing and signed by both parties. It must also be freely and voluntarily entered into without coercion or undue influence.
In the event of a divorce, New York uses a system called equitable distribution to determine how marital property should be divided. However, a prenuptial agreement can change this method and provide for the division of assets in a more equitable way than state law.
In addition, a prenuptial agreement can often eliminate or limit the amount of alimony one spouse might receive upon divorce. This is especially helpful if one spouse does not bring economic wealth into the marriage.
What are the benefits of a prenup?
There are many reasons why a couple might want to consider a prenup. They can help protect a significant amount of property and financial resources that a spouse has inherited, brought into the marriage or accumulated during the marriage.
Moreover, it can set out the terms for alimony and spousal support should the couple break up. If you have questions about a prenup, contact the New York law firm of Bikel Rosenthal & Schanfield to speak with an experienced family law attorney.
While most of the attention has been focused on prenups for celebrities and billionaires, this document can be very helpful for a variety of people. Whether you are looking to save your children from a previous marriage or preserve your own fortune, it’s important to seek advice from an experienced family law attorney.
