Aiello & DiFalco LLP regularly negotiates, prepares, and reviews prenuptial agreements for clients from diverse backgrounds in Garden City, including high-net-worth individuals. We know that prenups benefit people from all walks of life and are committed to providing the community with unparalleled legal services.
When you consult with us, we will listen to your concerns and address those concerns by helping to create a prenuptial agreement that protects your rights and interests. Conveniently located in Garden City, our firm offers in-person and video consultations. Call us today to set up an appointment.
Understanding Prenuptial Agreements
Before entering into marriage, future spouses often opt for a prenuptial or premarital agreement. This contract, established before the wedding, primarily clarifies each partner’s property rights should the marriage end in divorce. A comprehensive prenuptial agreement not only delineates property rights, but also includes financial components like managing bank accounts, bills, and outstanding debts. A well-designed prenuptial agreement can mitigate financial disagreements in the event of divorce, protecting the interests of both parties.
Do I need a prenuptial agreement?
Marriage is both a romantic relationship and a financial partnership, and disputes over finances often lead to divorce. By entering a prenuptial agreement, you and your partner can explore financial issues and understand how finances can impact your relationship. A prenup can cover several issues:
Property Division
A prenup simplifies property ownership, distinguishing between separate and marital assets, including:
- Real estate
- Investments and savings
- Businesses
- Professional practices
- Retirement accounts and pension benefits
Suppose one party owns a house prior to marriage, which becomes the couple’s residence. The prenup can clearly label the house as separate property, ensuring its return to the owner in case of divorce. Without a prenup, the parties may end up in a debate about the nature of the property, with courts potentially ruling that property acquired before the marriage has been converted into marital property or that the non-titled party is still entitled to some amount from the other party’s property.
Spousal Maintenance (Alimony)
A prenup can help couples agree on if and how much spousal support will be offered and for how long. Notably, courts are reluctant to enforce a prenup in which a spouse waives their spousal support rights, especially if doing so would lead to financial hardship for that spouse.
Debts
With a prenup, the couple can mutually agree to not take responsibility for each other’s debts, especially if they significantly differ in amounts.
Asset Protection
Individuals who have accumulated significant assets prior to the marriage use prenuptial agreements to ensure these assets remain separate property in the event of divorce, but these contracts can also prove helpful when both parties acquire a lot of property during the marriage.
Business Ownership
Although a business or professional practice is subject to equitable division in a divorce, so is the appreciation in such a business formed before the marriage, a prenup can clarify that the business will remain separate property, or limit the other party’s interest to a percentage of the business’s accrued value during the marriage.
Ultimately, it takes a skilled Garden City prenuptial agreement attorney to tailor an agreement to your unique situation and needs. Without a prenup, the courts will divide the marital property according to the equitable distribution laws of New York.
Are prenuptial agreements enforceable in Garden City
Prenuptial agreements are presumed to be valid and enforceable unless the court finds:
- Either party failed to disclose or concealed assets
- One party signed the agreement under duress or coercion
- The prenup unfairly favors one spouse over the other, for example, by leaving the other spouse with nothing
The best way to create a valid prenuptial agreement is to work with an experienced family law attorney, and always have legal counsel before you sign anything.
What are the benefits of a prenuptial agreement?
Having a prenuptial agreement offers several benefits. First, a prenup can help quickly resolve issues over property rights if the marriage does not go as planned. A properly structured prenuptial agreement can also protect the inheritance rights of children or other heirs from a previous marriage, and offer a sense of security about your property rights in case of divorce. Trust our seasoned family law attorneys to guide you through the process.
Why Aiello & DiFalco?
Our attorneys understand the unique needs of Garden City residents and the nuances of prenuptial agreements. Once you become our client, you will be confident with our legal team representing you. We know that raising the subject of a prenup can be challenging, but it’s the best way to get clear about your financial prospects. With our trustworthy advice and counsel, you can create a mutually beneficial prenuptial agreement.
Talk To An Experienced Garden City Prenuptial Agreement Attorney
Whether you have questions about prenuptial agreements or have already been presented with one by your partner, Aiello & DiFalco is the law firm of choice. Contact us today to get started.