If you are getting married, you may ask yourself if you need a prenuptial agreement. While prenuptial agreements are more popular today than ever, having proper legal counsel is essential. That’s where Aiello & DiFalco LLP steps in. We help Queens clients from all walks of life negotiate, prepare, and review prenuptial agreements.
When you meet with us, you will find a secure environment to make informed decisions about your financial future. Marriage is more than a romantic bond; it is a business relationship. Get it in writing. Call our experienced prenuptial agreement attorney today.
What Is a Prenuptial Agreement?
A prenuptial agreement (prenup) is a legal contract that a couple signs before marriage, defining each partner’s property rights in the unfortunate event of a divorce. Prenups also can be used to determine how to handle bank accounts, household expenses, and other financial liabilities. Above all, a well-crafted prenuptial agreement is a safety net – a tool to avoid potential disputes over money should the marriage not work out.
Why do I need a prenuptial agreement?
Entering into a prenuptial agreement allows you and your future spouse to clarify several financial issues in advance, such as:
The purpose of a prenuptial agreement is to protect the property each party brings into the marriage and distinguish separate and marital property: real estate, collectibles, and retirement assets. What if the couple decides to reside in a home one party acquired before the marriage? A prenup can specify that the dwelling is separate rather than marital property to be returned to the owner if they divorce.
Without a prenuptial agreement, a legal dispute over whether the property is separate or marital could ensue. Suppose the courts determine that separate property acquired before the marriage has been commingled and is now marital property. You stand to lose some of your property rights by not having a prenup.
Spousal Maintenance (Alimony)
A prenup can specify if one party will provide spousal maintenance, including temporary and rehabilitative maintenance. The courts may not enforce a prenup in which a spouse waives their right to spousal maintenance if doing so will leave that person with nothing.
The parties can agree in advance that neither will be responsible for the other’s debts.
If you come to the marriage with significant assets, a prenup can ensure these assets remain separate property. A prenup can also help determine property division if both parties acquire important property during the marriage.
If you own a closely held business or professional practice, a prenup can clarify that the business will remain separate property if the marriage ends.
Because marriage is considered a contract under state law, each spouse is entitled to automatic property and inheritance rights. Without a prenup, the courts will determine which property is separate or marital and divide the marital property according to the equitable distribution laws of New York.
Are prenuptial agreements enforceable in Queens?
Prenuptial agreements are generally enforceable unless the courts find:
- Either party concealed or attempted to conceal assets
- One party signed the agreement under duress or coercion
- The prenuptial agreement is unconscionable, for example, if it leaves one spouse with nothing
The courts are more likely to enforce a prenup when an attorney has prepared the contract and/or each party has their lawyer review the agreement.
What are the benefits of a prenuptial agreement?
The main benefit of a prenuptial agreement is that issues over property rights can be more quickly and amicably resolved if the marriage ends. In addition, you can protect the inheritance rights of children from a previous marriage with a well-conceived prenuptial agreement. You can trust the team at Aiello & DiFalco to help you create a prenuptial agreement that protects your rights and interests.
Contact Our Experienced Queens Prenuptial Agreement Attorneys
Bringing up a prenuptial agreement may seem like a test of the strength of your relationship, but discussing it is a practical way to plan your financial future together. If the marriage does not go as expected, your back will be protected. Contact our office today so we can start working on your prenuptial agreement.