Prenuptial Agreements, as well as Postnuptial agreements, can be very beneficial as parties may have already amassed significant assets, or debts, prior to tying the knot. It’s not unusual today that the Bride and Groom already own homes or may have been contributing to retirement accounts prior to the wedding. On the other hand, some parties may have amassed significant debt that their partner does not want to become liable for.
In New York, it can be tricky to keep pre-martial assets separate without the other spouse acquiring an interest. A prenuptial or postnuptial agreement is a great way to protect your separate assets. This can be done before or after your marriage. A written agreement on these issues avoids a New York Court deciding how to characterize and distribute such assets. With a prenuptial or postnuptial agreement you and your partner will be deciding how assets, income, debt, inheritances, gifts, etc. incurred prior and during the marriage will be divided in the event of a divorce or separation. You and your partner may also want to determine whether spousal maintenance will be agreed upon or waived, including the amount and duration, in the event of a divorce or separation.
While it can be uncomfortable discussing these issues, a prenuptial or postnuptial agreement will avoid costly separation or divorce litigation.