Many people have misconceptions about a prenuptial agreement. They believe it is an insurance policy against losing all assets in a divorce. They believe a prenuptial agreement leads to more divorces in the Bronx. These are just misconceptions. A prenuptial agreement is a contract between two individuals who plan to wed. It is the best way to make sure all issues are resolved without a lot of emotions coming into play.
What Goes into a New York City Prenuptial Agreement
Although a prenuptial agreement seeks to avoid conflict between spouses if a divorce occurs, it’s very broad. This means that every prenuptial agreement is different because every couple won’t seek to resolve the same issues like property division.
New York law provides some guidelines for couples trying to figure out what they want in a prenuptial agreement. For example, the agreement include:
1. Definition of Property: New York divorce law defines property and assets in two categories: marital property and separate property. Marital property is the items the couple acquires during the marriage such as cars, jewelry and rental property. This is the type of property that must be separated during a divorce.
Many couples may not have property together before marriage. However, the can decide who receives the property such as the family home or car if they divorce. They can can also decide who will be responsible for paying debts too.
Separate property is not divided during a divorce. Separate property involves items one of the future spouse solely owns. They acquired the property prior to marriage such as an inheritance or car collection. This means their spouse can’t request those items be sold and request they receive the proceeds.
2. Spousal Support: Spouse support involves a spouse paying their ex-spouse money after the divorce. The payments are generally given every month. The purpose of the financial support is because the ex-spouse may have given up their career for some reason such as raising children or taking care of the home. Thus, they receive support for a temporary or permanent time.
3. Child custody arrangements: Child custody will ultimately be decided by a family court judge. However, it is helpful during divorce proceedings that a couple has already decided how they want to raise their children. This means if they want joint or sole physical and/or legal custody.
A New York City family court judge will always decide child custody issues based on what’s in the best interest of the child. If the child custody details in a prenuptial agreement is in the best interest of the child, a family court judge may grant what’s in the agreement.
Ensure Proper Prenuptial Agreement is Valid
Both future spouses must sign a prenuptial agreement voluntarily. This means a future can’t pressure their partner to agree to anything in the prenuptial agreement or sign one. Another way to endure it is valid involves making a fair and reasonable agreement. This means that a future spouse can’t take everything if there’s a divorce.
A huge factor in whether a prenuptial agreement is enforceable is whether each future spouse is honest during the process. The agreement requires each party to disclose all their property and assets. This means if a person didn’t tell their significant other about a timeshare they owned in another country, they must disclose it when making the prenuptial agreement. If one or both parties are not honest and provide full disclosure, then the prenuptial agreement is invalid.
Having a lawyer during the prenuptial agreement is vital. New York law requires each future spouse have the opportunity to have a prenuptial agreement lawyer review the document. This means each spouse has the opportunity to understand what they agreed to anything that would invalidate the contract or be unfair.
Hire a Lawyer to Draft a Prenuptial Agreement
It’s important to reiterate that drafting and signing a prenuptial agreement will not lead to a divorce. A prenuptial agreement is solely to set grounds rules in case a divorce occurs. It can also be a good idea if a couple remarry and have children from a previous relationships.
Contact a prenuptial agreement lawyer in the Bronx to understanding more about drafting a prenuptial agreement and how to make sure it remains enforceable. There’s a great chance of creating a contract spouses never have to use. Contact a prenuptial agreement lawyer today.