Although previously considered with much controversy, prenuptial agreements (often referred to as “prenup” agreements) are becoming more commonplace in New York.. They offer couples who are getting married the security of an agreement regarding such topics as child custody, spousal support and property distribution in the case of divorce or the death of one spouse.
We can help you create a prenuptial agreement if this is something you are considering. You will find that an attorney’s advice and input on this matter will allow you to fully cover all bases and create a prenuptial agreement that will be best for you and your future spouse.
Statistics have shown that about one in three of all first marriages and an astounding 50 percent of second or third marriages end in divorce. With the divorce rate being so high, it is wise to invest time into the planning of your long-term financial future. When you get a divorce, your spouse may be entitled to a percentage of your personal property such as your house, stocks, and retirement income. In order to avoid devastating loss, you should consider getting a prenuptial agreement.
Both parties entering into a prenuptial agreement should retain their own attorneys. The parties will then have the opportunity to provide input in the drafting of the agreement for their review. Having independent counsel will then insure that the clients are properly advised about the agreement’s potential impact on their rights.
Prenuptial agreements are not created out of cynicism nor are they a precursor to divorce. They simply represent smart planning. In fact, the vast majority of people who take the time to have a marriage contract drawn up do so with a mindset not altogether different than what they might have when buying life insurance: Never hoping to need it.
New York State law recognizes the validity of prenuptial agreements provided that certain conditions are met. The most important of these relate to the disclosure of assets, the circumstances under which the agreement is presented to the other party, and the adherence to the requisite formalities in the execution of the agreement.
An experienced lawyer can help you create an agreement that fully addresses all of your concerns and that will work for you in the future, should the need arise. While a prenuptial agreement should not be drafted with the intentions of divorce, it is often a good insurance policy, so to speak, in the event of a future dissolution.
You need not be wealthy to utilize this important service. Regardless of the scope of your assets and liabilities, your agreement will reflect your personal needs and goals. Your agreement will set forth each party’s rights and obligations during the marriage, giving each partner peace of mind and a foundation to build a future together.
Susan D. Stuart, Esq. | 50 Route 111, Ste 204 | Smithtown, NY 11787 Phone: (631) 724-5800 | Fax: (631) 656-0081