Negotiating a prenuptial agreement may not be the most romantic activity an engaged couple shares in, but for individuals with significant assets, it is a realistic and necessary precaution. You carry insurance for all the valuable assets you hold: auto, home, health and life. A prenuptial arrangement is nothing more than marriage insurance. Jean M. Mahserjian, Esq., P.C. can help ensure that your assets are protected in the unfortunate case of a future divorce. Here is what you should know about New York prenuptial agreements.
New York Prenuptial Agreements | Equitable Distribution in New York State
As an “equitable distribution” state, New York assumes that whatever wealth or debt you bring to the marriage is “separate property,” and all assets earned and debt incurred during the marriage is “marital property.” Should you divorce, marital assets and debt will be divided in a manner the Court views as “fair.”
A prenuptial agreement can assist in two regards. First, the agreement can definitively designate what property is separate. An accurate catalog of assets can be very useful later, especially if divorce proceedings become contentious. Second, a prenuptial agreement can explicitly waive the right to equitable distribution, and state alternatively what marital assets the parties to the marriage are to receive and for what debt each will be responsible. The pre-nup can even set a time limit and dollar amount for spousal maintenance.
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New York Prenuptial Agreements | What’s Off Limits?
While a prenuptial agreement can set certain terms in anticipation of divorce, it cannot define the parameters of child custody, child support or visitation. Those will be decided by the court during the divorce proceedings on the basis of “the best interests of the child(ren).”
If you want to know more about New York prenuptial agreements, please contact our Saratoga County family law attorney today to find out how we can help you.
