Prenuptial agreements are becoming an increasingly common part of modern relationships. They offer couples a clear, practical way to plan for the future—no matter their age or financial situation. From young professionals to individuals entering second marriages, many people choose prenups to protect their interests and establish a shared understanding before getting married.
At Aiello & DiFalco LLP, we help clients across Garden City, Long Island, and New York City create prenuptial agreements that reflect their goals. Our family law attorneys work closely with you to draft, negotiate, and review agreements that protect your assets and provide peace of mind. Whether you’re safeguarding personal investments, business interests, or future earnings, we’ll help you put a thoughtful and effective plan in place.
What Is a Prenuptial Agreement?
A prenuptial agreement is a written contract that a couple enters into before their marriage. It provides clarity about marital and separate property, and it eliminates ambiguity and discretion which can make things costly and complicated in case of divorce. Prenups can also determine issues like spousal maintenance (called alimony) and ensure that inheritances, family businesses, real estate assets, and trusts remain separate for Long Islanders.
Why Do I Need a Prenuptial Agreement?
Marriage is not only a romantic relationship, it is also an economic partnership. Any assets acquired during the marriage are considered to be marital property. A prenuptial agreement allows the parties to define the scope of their economic partnership, protect premarital assets, and treat assets that would be marital as separate. Overall, it can provide peace of mind that there is a plan in place if things don’t work out.
A premarital agreement can cover several important issues, such as:
Equitable Distribution or Property Division
A prenup can help protect the property that each party brings into the marriage and distinguish between separate and marital property such as real estate, retirement assets, investment accounts, stock options, businesses, and other forms of property. Prenup agreements can be used to ensure that premarital property is not commingled and that the appropriate separate property credits are never subject to doubt.
Without a prenup, a dispute over whether a property is separate or marital can lead to a contentious court battle. These cases can cost a lot financially and emotionally. A prenup offers a great return on investment by saving future legal fees.
Spousal Maintenance (Alimony)
A prenuptial agreement can also determine if spousal maintenance (alimony) is waived or how it will be determined. Parties can follow the statutory formula to determine spousal maintenance; they can redefine that formula, or they can waive spousal maintenance completely. Spousal maintenance can generally be waived except in certain circumstances – for example, when the parties have been married for a certain period of time, or when one party gives up their career or works part-time to care for the children.
Asset Protection
Prenuptial agreements in Long Island can involve a disparity in wealth or particularly valuable assets that need to be protected. Prenups can protect those assets from any claims by the other party in the event of a divorce.
Business Ownership
If one party owns a business or professional practice, a prenup can clarify that the premarital business will remain separate property after the marriage. Valuing a business requires a costly and often intrusive accounting process. Most business owners do not agree with the valuation and do not enjoy the scrutiny this invasive process entails. A prenuptial agreement can help Long Island business owners avoid that process in the event of a divorce.
Many prenuptial agreements involve business owners or individuals with an interest in a family business, which must be protected and kept within the family. A prenup offers many options to avoid the valuation and distribution of business entities.
Appreciation
A critical issue involved in prenuptial agreements relates to the appreciation of separate property. A party who comes into the marriage with assets may assume that these assets are insulated from a divorce, but the appreciation of separate property may still be subject to equitable distribution. Appreciation of separate property, including business interests, real estate, and other assets like investment accounts, can be better protected by a prenuptial agreement. This is especially true in Nassau County and Long Island, where property and assets often rise in value, and additional protection would avoid future headaches.
Estate Rights
When families wish to ensure that family money stays within the family, a prenuptial agreement can be an important estate planning tool for the next generation. Although inheritance is already considered separate property under New York law, a prenuptial agreement can provide additional protections to ensure that estate waivers, such as the waiver of the spousal right of election, are locked in place for Long Island residents.
Are prenuptial agreements enforceable?
Prenuptial agreements are presumed to be enforceable like any other contract. Aiello & Difalco LLP have litigated the enforceability of prenup agreements in Long Island, including Garden City and Nassau County involving extremely high stakes, and their agreements are drafted in a way that ensures that they are enforceable. Prenup agreements must be properly drafted, signed, and acknowledged by the parties to be certain they are enforceable now and in the future. That’s why it is important to have an extremely knowledgeable and experienced prenup lawyer who has served the people of Long Island for decades.
Debts and Liabilities
The allocation of debts and liabilities can also be addressed in a prenuptial agreement. Our lawyers have crafted prenup agreements in Long Island to address both more common credit card debts as well as large student loan debts (for example, for young doctors).
How Much Does a Prenuptial Agreement Cost?
For simple prenuptial agreements, we typically try to work out a flat-fee arrangement. For more complicated matters, we work on a retainer and bill hourly.
Contact Our Experienced Garden City Prenuptial Agreement Attorneys
We can provide clarity about your options, sometimes even in just a brief phone call. We often hear from our prenup clients of Long Island that their first call with us provided them with a ton of helpful information and peace of mind. Talking about these issues with us will likely make it easier and more comfortable for you to discuss them with your partner.
Prenups are not anti-romantic; they are just useful financial planning tools that will help you and your partner plan for the future and save you a tremendous amount of stress and money. Contact us today to speak with one of our Long Island prenup lawyers.
Aiello & DiFalco LLP serves clients in Garden City, Hicksville, Long Beach, Massapequa, Nassau County, Suffolk County, Long Island, Queens, Brooklyn, and New York City.