Components of Westchester Prenuptial Agreements
A prenuptial agreement can be an essential planning document for couples prior to marriage. A prenuptial agreement can help a couple talk about and determine how they will treat each other if the unfortunate event of a divorce occurs. It can address asset distribution in the event of a divorce or upon the death of one spouse and can also clearly define rights and responsibilities regarding both assets and liabilities during the marriage. It also can specify the responsibilities of one spouse to support the other after the marriage.
Whatever your personal goals are for your prenuptial agreement, a knowledgeable lawyer from our family law firm could help you design a valid and enforceable document that takes your specific issues and concerns into consideration. There are many prenuptial agreement components in Westchester, which is why you should seek legal counsel to assist you through the process.
What a Prenuptial Agreement Covers
Although prenuptial agreements are traditionally associated with the wealthy, a prenuptial agreement can be personalized to suit the needs of any couple. For example, prior to a second marriage, a prenuptial agreement can protect a business, a home or the rights of a child. Without a prenuptial agreement, when a marriage ends, the property is divided according to New York law.
A lawyer with our Westchester law firm could prepare a prenuptial agreement that allows a couple to protect and divide assets according to their wishes. Some components of a prenuptial agreement in Westchester include:
- Rights in a family business
- Entitlements to death benefits from life insurance policies
- Rights and control over property
- Division of assets and debts during the marriage
- Award, duration, and amount of support one spouse will pay the other
Prenuptial agreements can protect many assets such as real estate investments, stock, inheritance, and almost any tangible property owned. A prenuptial agreement can determine maintenance after a divorce but it is important to note that certain issues regarding parenting and custody determinations could be set aside by a court if it determines that the best interests of the children require a different plan.
Important Facts Concerning Prenuptial Agreements
Unlike many other states, New York has not adopted the Uniform Prenuptial Agreement Act. New York law and contract law govern prenuptial agreements, which should be in writing, is signed by both parties and acknowledged by a notary public. The agreement becomes effective at the time the couple is legally married.
Prenuptial agreements can be declared invalid if the agreement was signed by either spouse under duress, if either spouse was mentally incompetent, under the age of majority (age 18), if the agreement was unfair when executed or when one spouse seeks to enforce it, or if there was fraud present.
Consult with an Attorney
Due to the many Westchester prenuptial agreement components, the laws governing them can be complex. A well-drafted prenuptial agreement by an experienced attorney often helps a couple avoid misunderstandings regarding finances during the marriage. In the event of a divorce, a valid and enforceable prenuptial agreement could save the couple time and money by avoiding extensive court time and attorney’s fees.
For answers to any questions or concerns about prenuptial agreements in Westchester, a prenuptial agreement lawyer is available to schedule a consultation with you. Call today to learn how we could tailor-make an agreement for your unique situation.