Postnuptial Agreements (Postnups)
Under New York Law, a husband and wife may enter a postnuptial agreement during their marriage. A postnuptial is very similar to a prenuptial, except it is entered after marriage. If a postnuptial agreement is created correctly, it is valid and enforceable.
What Do Postnuptials Protect?
A postnuptial agreement will include provisions concerning how property and assets will be divided in the event of a divorce or death of a spouse. Specifically, a postnuptial agreement will include provisions concerning:
- to make a will
- to challenge a will
- the ownership of separate property
- the ownership and division of marital property
- the amount, if any, of spousal support (alimony)
- as well as additional items
Courts will recognize a properly prepared postnuptial agreement. Instead of having the state or the court dictate how your assets or estate will be controlled or divided up, a postnuptial agreement places the control in the hands of the marital parties.
Why Obtain a Postnuptial Agreement?
New York Law determines how a judge can divide marital property in the event of divorce proceedings. A postnuptial agreement takes precedence, allowing the parties to control the outcome of property distributions. Postnuptial agreements are a safeguard to the spouses’ finances and more.
There are a number of circumstances that prompt people to consider a postnuptial agreement. If you were considering a prenuptial agreement before your marriage, it is not too late to accomplish many of the same outcomes with a postnuptial.
How Do I Ensure My Postnup is Valid?
Several considerations typically govern the enforceability of any single agreement. The main ones include:
- Having an attorney prepare the document in the first place
- Full and fair disclosure of all assets
- Proper execution of the agreement
What are the Requirements of a Postnuptial Agreement?
In New York, the postnuptial agreement must meet the following requirements:
- It Must Be in Writing
- Subscribed by the Marital Parties
- Get Notarized
Get A Free Consultation With A New York Postnuptial Agreement Attorney.
If you are looking for information related to prenuptial agreements instead, click here!