As the true benefits of prenuptial agreements become widespread knowledge, more couples are considering them. Before choosing to create a prenup, it is important to understand all that it entails.
A poorly constructed prenuptial agreement may not hold in court. Therefore, it is imperative that the parties work with skilled attorneys to ensure that their agreement meets specific necessary requirements in New York.
Disclose all assets
Considering that a prenuptial agreement is an agreement for the division of assets, parties must divulge all of their assets before creating this document. If a party does not disclose certain assets and the other party finds out about them later, that discovery may void the entire agreement. Therefore, it is best to be honest and transparent from the beginning.
Follow the law
The state of New York follows the Uniform Premarital and Marital Agreements Act to determine the validity of different marital agreements. These regulations aid in limiting disputes or discrepancies, as well as addressing them when they arise. Some of the primary requirements include the agreement being in writing. The legislation also discusses certain restrictions, such as not being able to determine child support or custody agreements in the prenup.
Both parties must agree
By virtue of the name prenuptial agreement, both parties must agree to the terms. Some couples decide to sign their prenups in front of a judge to clearly show they agree with terms. Both parties must also believe that the prenup is fair. Granted, if one party comes into the relationship with more assets, that party may maintain a more significant amount of assets in the divorce process. However, the other party should receive a portion of the marital property that allows him or her to maintain a decent living, at the least.
These are a few of the most important aspects to incorporate in a New York prenuptial agreement. It may be helpful for parties to review the prenup laws in full, to ensure the validity of their agreement.