Antenuptial Agreement in Nys
Antenuptial Agreement in NY: Everything You Need to Know
An antenuptial agreement, also known as a prenuptial agreement or prenup, is a legal document that helps to define the rights and responsibilities of each spouse in the event of a divorce or the death of one spouse. In New York State, antenuptial agreements are governed by Domestic Relations Law (DRL) Section 236 Part B.
In this article, we will discuss everything you need to know about antenuptial agreements in NY.
Why Consider an Antenuptial Agreement?
Antenuptial agreements are often considered by couples who are contemplating marriage and want to protect their individual assets, interests, and property. An antenuptial agreement can help to:
1. Protect premarital assets, including real estate, investments, and personal property.
2. Clarify the terms of property division in the event of a divorce.
3. Define the rights of each spouse regarding spousal support or alimony.
4. Establish inheritance rights and preferences.
5. Avoid disputes in the event of a divorce.
Who Can Sign an Antenuptial Agreement?
In NY, both parties must sign the antenuptial agreement voluntarily and in writing. The agreement must also be signed in the presence of a notary public or an attorney. Furthermore, the parties must fully disclose their assets, debts, and incomes to each other before signing the agreement.
What Can be Included in an Antenuptial Agreement?
Antenuptial agreements can vary widely depending on the couple`s circumstances and preferences. The agreement can address issues such as:
1. Property division: The agreement can specify how property will be divided in the event of a divorce or separation. This includes both premarital and marital assets.
2. Spousal support: The agreement can establish limitations on the amount and duration of spousal support, or waive spousal support entirely.
3. Inheritance rights: The agreement can outline the distribution of assets in the event of the death of one spouse.
4. Debt and liability: The agreement can specify which party is responsible for paying specific debts and liabilities.
5. Children: The agreement cannot determine child custody, visitation, or child support. Those issues are handled by the court based on the child`s best interests.
When Should You Sign an Antenuptial Agreement?
It is recommended that antenuptial agreements be signed at least 30 days before the wedding ceremony. This allows both parties to carefully review and discuss the terms of the agreement and seek legal advice if necessary.
An antenuptial agreement can help a couple to protect their individual assets and interests in the event of a future divorce or death. However, these agreements should be carefully considered, and each party should fully understand the terms and implications before signing. Consult with an experienced attorney to draft an effective and valid antenuptial agreement.