Long Island Prenuptial Agreement

Before two people are about to be married they may choose to draft a written contract called a prenuptial agreement.  A prenuptial agreement outlines the terms of spousal and child support obligations, as well as how marital property and separate property will be divided in the event a marriage ends in divorce.

The purpose of a prenuptial agreement is for both people entering the marriage to be fully aware of their economic and familial situation if their marriage comes to an end. A postnuptial agreement is similar to a prenuptial agreement, except that it is filed after the wedding instead of before.

A prenuptial agreement can also prevent, to a certain extent, a New York State court from dictating the way a couple’s assets and joint debts will be distributed. Anyone with children, substantial assets, and people who are remarried should consider a prenuptial agreement. A prenuptial agreement can last as long as the marriage does or end after a certain period of time, whether the couple divorces or not. A prenuptial agreement only becomes activated once the couple gets married, but can continually be revised throughout the marriage as long as it does not violate any New York State law or public policy.  A New York State judge can declare a prenuptial agreement unfair and set it aside if it promotes divorce or it fails to meet state requirements.

Prenuptial agreements have generally been viewed as distasteful or as a sign of mistrust. But this is the furthest thing from the truth. Prenuptial agreements are in fact one of the most beneficial things a couple can do together. A prenuptial agreement ensures that each person’s assets are protected, and that any money or property a person acquired before the marriage or after a divorce is not unfairly given to the spouse. Furthermore, a prenuptial agreement helps both people protect and maintain financial security (bank accounts, stocks, funds, money from a business), and safeguard any inheritances or gifts from third parties. Prenuptial agreements drafted during a time of harmony (as opposed to bitterness or anger during a divorce) eliminate confusion and protect an individual’s assets for the right reasons, instead of the individual vengefully taking his/her spouse’s assets during a divorce.

In order to successfully draft a prenuptial agreement, a couple must identify which property is considered marital property, and which property is considered separate property. Marital property is considered any assets or property that the couple or either individual acquired during the marriage. These assets include real estate, cars, time shares, stocks & bonds, any business ownership, furniture, pensions, jewelry, or money in a savings account. Separate property is considered any assets or property either individual acquired either before the marriage or after the divorce. Types of separate property include inherited property, gifts from third parties, or compensation for a personal injury.

Anyone can file a prenuptial agreement, and there are many reasons why a couple may chose to do so. The majority of people do not draft a prenuptial agreement because one partner does not trust or love the other partner. Prenuptial agreements are a way for people to ensure their property will be protected and feel more at ease. Although most people are not expecting to get a divorce when entering a marriage, it is difficult to ignore the hard statistics that one out of every three marriages ends in divorce.

Common reasons couples choose to get a prenuptial agreement include:

• It saves time and money during a divorce if a couple decides how their property and assets will be distributed in case their marriage ends
• It gives people a piece of mind knowing that their property and assets will be protected and not unfairly divided. It is also helpful to know in advance where the individual will stand economically in case of a divorce
• When one person in the marriage has a vastly different economic standing and does not want to lose all of their assets if the marriage does not work out
• People with children or grandchildren who want to make sure the bulk of their property passes to the child or grandchildren rather than their spouse

If you and your fiancé are thinking of drafting a prenuptial agreement, it is important to speak with an experienced Long Island family law attorney. A lawyer with experience in drafting prenuptial agreements can help draft and review the agreement to make sure everything is correct and in compliance with New York State law.

At the Law Offices of Palermo, Palermo & Tuohy the experienced family law attorneys will help tailor a prenuptial agreement that will specifically meet your needs, and resolve any conflicts that may arise during the drafting process.

The attorneys Law Office of Palermo, Palermo & Tuohy, work aggressively on behalf of all of our clients’ best interest. The lawyers at Law Office of Palermo, Palermo & Tuohy make it their goal to provide effective legal counsel, sound advice, unrelenting negotiating tactics, and justice for all clients. At the Law Office of Palermo, Palermo & Tuohy our attorneys exhaust all possible resources into securing and comforting their clients’ needs during these difficult and emotionally trying times.