Long Island Prenuptial Agreement Attorney

What Is a Prenuptial Agreement?

Generally, a prenuptial agreement is an enforceable contract that outlines your financial portfolio and any anticipated financial gain/loss. It will also specifically identify the agreed upon methodology in dividing those debts/assets. A prenuptial agreement may also provide an outline for support to be paid in the event of a divorce.

To be enforceable in New York State, a prenuptial agreement must be in writing, executed by both parties in the manner required for a deed to be signed. It must be entered voluntarily, with full disclosure of the parties’ current assets at the time, and it cannot be unconscionable.

Prenuptial Agreement vs Postnuptial Agreement

The main difference between a prenuptial agreement and a postnuptial agreement is the timing of the signed contract. A PRE-nuptial agreement is prior to the marriage, and a POST-nuptial agreement is after the marriage.

Do You Need a Prenuptial Agreement?

No one needs a prenuptial agreement. However, suppose you have sizable assets or bank accounts and retirement accumulated prior to the marriage. In that case, it is important to state clearly how you intend to use and manage those funds and protect those assets by way of a prenuptial agreement.

What to Include in a Prenuptial Agreement?

Both parties shall disclose a financial snapshot of assets and liabilities in order to have transparency and an understanding of what he/she is agreeing to. Issues related to children or future children are typically not enforceable. However, spousal support (now known as maintenance) can often be negotiated in a prenuptial agreement.

Can You Do a Prenuptial Agreement after Marriage?

Yes. A prenuptial agreement after marriage is then known as a “post” nuptial agreement.

How Long Is a Prenuptial Agreement Valid?

Generally, a prenuptial agreement is a valid contract until a court issues an order to set it aside, until the parties mutually agree to modify it, or until an agreed upon expiration date written into the prenuptial agreement.

To be enforceable in New York State, a prenuptial agreement must be in writing, executed by both parties in the manner required for a deed to be signed. It must be entered voluntarily, with full disclosure of the parties’ current assets at the time, and it cannot be unconscionable. Thereafter, a prenuptial agreement remains a valid contract until a court issues an order to set it aside and/or until the parties mutually agree to modify it.

Does a Prenuptial Agreement Survive Death?

Yes, a prenuptial agreement should survive death, as do most contracts. There is typically language in the prenuptial agreement to address the survival of the contractual agreement being binding upon successors and heirs to the descendant.

Can a Prenuptial Agreement Be Broken?

A prenuptial agreement may include conditions in the agreement, and in the event the conditions are met (or not met), the agreement can be deemed “broken.” A prenuptial agreement can also be set aside if it does not conform to the strict requirements to enforce the contract.