Brooklyn Postnuptial Agreement Attorneys Define Property Rights
New York family lawyers protect assets after marriage
There are many reasons why engaged people avoid entering a prenuptial agreement. Most often, the couple is rapt in romance and they don’t want a discussion of possible divorce to ruin it. But later, in the course of the marriage, they become more practical about economic issues. If you’ve begun thinking that a prenup would have been a good idea, it’s not too late to draft an equally binding contract that controls your property interests. A Brooklyn postnuptial agreements attorney at Goldberg Sager & Associates can answer all your questions and craft a document specifically for your circumstances.
What is the purpose of a postnuptial agreement?
Like a prenuptial agreement, a postnuptial agreement establishes your property rights both during the marriage and in the event of a divorce. You can also agree to pay or forgo spousal support and to define what assets are marital or separate for purposes of equitable distribution. Matters that cannot be controlled by a postnup are the terms of child custody and child support, since these must be decided by a court based on your children’s best interests.
When is a postnuptial agreement appropriate?
Married couples might choose to execute a postnup for varied reasons. Often, the spouses have had a change in their financial situation since getting married. A postnuptial agreement may be beneficial in these situations:
- A change in one spouse’s financial status puts pressure on the marriage.
- There’s been a breach of trust by one spouse.
- A spouse wants financial security for children from a prior marriage.
- A spouse is about to make a career change that involves an element of risk or that changes their financial prospects.
- The couple has relocated to another state.
Creating a marital agreement can actually help your marriage by taking some of the uncertainty out of your day-to-day financial decisions.
What to include in a postnuptial agreement
Elements of a marital agreement include:
- Terms for dividing marital property
- Designation of separate vs. marital property
- Alimony amount and duration
- Assigning responsibility for debts
- Parenting plans
- Provisions for private school tuition, college, enrichment activities or special needs not covered by child support
A court will approve terms affecting your children only if they serve their best interests. Every marital contract is different. Our Brooklyn divorce lawyers tailor agreements to your unique situation.
Is your New York postnuptial agreement valid?
Under New York law, a marital agreement is valid only if these conditions are met:
- Both parties make a full and fair disclosure of all their assets and debts.
- Both parties enter the agreement voluntarily, without coercion or duress.
- There is no fraud or misrepresentation of material facts.
- The agreement does not grossly favor one spouse over the other.
- The agreement is executed with the full formality of a property deed, which means it is signed and acknowledged before a notary public.
A court looks more favorably upon an agreement when each party has separate and independent legal representation during negotiations.
Benefits of a postnuptial agreement for Brooklyn couples
There are many solid advantages to creating a postnuptial agreement. The process and the final document provide clarity for the spouses on a range of issues. This clarity can actually strengthen the marital relationship. It also helps them set estate planning and retirement goals. A postnup can settle how a business owned by one or both of the spouses will be divided or otherwise managed upon divorce. Additionally, spouses with children from a prior relationship can rest assured they will be taken care of.
