At Eiges & Orgel, we understand that discussing a prenuptial agreement can be a sensitive issue for couples planning to marry. What sets our family law firm apart is our approach to understanding your emotional needs and objectives for the agreement. With over 50 years of experience, we know how to navigate the complexities that can arise in both future marriages and potential termination of the marriage. Our goal is to make the process as smooth as possible for both parties.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between you and your spouse that outlines what would happen if your marriage were to end. This agreement involves open conversations about how property and money accumulated during the marriage should be divided in the event of a divorce. It also serves as a prelude to how you will communicate about difficult issues in your marriage.
Common Reasons for a Prenuptial Agreement
There are several common reasons why couples choose to establish a prenuptial agreement:
- Previous Marriages: If either partner is entering the marriage with financial obligations from a previous marriage, a prenuptial agreement can ensure that these obligations remain separate.
- Debt Protection: A prenuptial agreement can protect one partner from becoming responsible for the other's pre-existing debt.
- Asset Protection: It can protect the wealthier partner's assets, ensuring they remain separate property in the event of a divorce.
- Financial Equity: It can ensure fair financial support for the less wealthy partner in the event of a divorce.
- Financial Autonomy: Couples can choose to keep their finances separate even after marriage, outlining clear financial expectations and responsibilities.
What Does a Prenuptial Agreement Cover?
A prenuptial agreement typically covers:
- Effective Date of this Agreement
- Separate Property Acquired Before Marriage
- Property Acquired After Marriage
- Marital Property and Liabilities
- Operative Event
- Division of Property and Liabilities Upon an Operative Event
- Waiver of Maintenance and Support Upon an Operative Event
- Waiver of Pension and Other Employee Benefits
- Waiver of Estate Rights
- Income Tax Returns
- Counsel Fees
- Miscellaneous Provisions
Our approach ensures that your prenuptial agreement is clear, fair, and tailored to your specific needs, helping you safeguard your future and avoid potential legal disputes.
Avoiding a Contested Divorce
One of the primary reasons for obtaining a prenuptial agreement is to avoid a contested divorce. A contested divorce can have significant negative impacts, especially when children are involved. It often leads to increased stress and conflict between the parties, which can be harmful to both the adults and the children. The emotional toll can be overwhelming, as the process can drag on for months or even years, preventing the parties from fully moving forward with their lives. Financially, contested divorces are more expensive due to legal fees and court costs. Additionally, a contested divorce can result in a loss of control, as decisions about important matters such as child custody and division of assets are left to the court. This lack of control can be frustrating and lead to outcomes that neither party is fully satisfied with. It's important to avoid a contested divorce to protect yourself and your children from these negative impacts.
What Factors Can Invalidate a Prenup?
Consulting with an attorney is crucial to avoid the pitfalls that could lead to a prenuptial agreement being declared invalid. Here are some reasons why careful consideration is necessary:
- Fraudulent Agreement: Both parties must provide full disclosure of their assets before signing a prenuptial agreement. If one spouse intentionally undervalues their assets or fails to disclose them, the agreement may be invalidated.
- Duress or Coercion: If one party is coerced or forced to sign a prenuptial agreement, it could be considered invalid. Similarly, agreements made while one spouse is mentally incapacitated will not hold up in court.
- Improper Execution: A prenuptial agreement must be executed properly. If the paperwork is not completed correctly, the agreement may be unenforceable.
- Unconscionable Terms: A court may refuse to uphold a prenuptial agreement if the terms are unconscionable or grossly unfair to either party. Unreasonable provisions in the agreement could also lead to its invalidation.
I’m Already Married – Is It Too Late To Create a Prenup?
It's never too late to secure the financial protection you may need through a marital agreement, even if you're already married. In New York, there are two types of marital agreements recognized by the family court system: prenuptial agreements and postnuptial agreements. Prenuptial agreements are signed before a couple is married, while postnuptial agreements are signed after marriage. Both serve the same purpose of outlining the division of assets and liabilities in the event of a divorce, and both can be valuable tools for protecting your interests.
If you and your spouse are considering a marital agreement but didn't have the opportunity to do so before your marriage, a postnuptial agreement can still be created. It's just as effective and can provide the same level of financial protection as a pre
Discussing your options with a New York City prenuptial agreement lawyer, such as those at Eiges & Orgel, PLLC, can help you understand the differences between the two agreements and determine which is right for your situation. Add this to the end
Does a Prenup Protect Future Assets?
Yes, a well-developed prenuptial agreement can help protect your current and future assets from a divorce and marital property distribution. Even future debt may be avoided if spelled out correctly in the terms of the agreement. Retirement or educational funds that have been accumulated over the years may also be protected.
At Eiges & Orgel, PLLC, we understand that every couple's situation is unique, and we will work with you to create a prenuptial agreement that meets your specific needs and goals.