Many New York couples marry without taking the step of creating a prenuptial agreement – only to realize after the marriage is final that they would have been better off if they had. The prenuptial agreement, or “prenup,” allows the couple to clarify certain terms regarding finances and how assets and debts will be split if the couple divorces.
While a prenuptial agreement is created before a marriage, a married couple can enter into a postnuptial agreement that covers the same territory. An experienced Long Island family law attorney can help.
What Can the Postnuptial Agreement Do For Us?
In a postnuptial agreement, you have the opportunity to:
- Inventory the assets and debts each of you brought into the marriage
- Decide who will handle the finances and what they will do going forward
- Account for potential growth or development of assets, including education either spouse might undertake while you are married
- Settle many other disputes to allow the marriage to proceed with clear “ground rules”
Like a prenup, a postnup is specifically tailored to reflect both the needs of the marriage and its financial structure. There is no “one size fits all” postnup, so it is wise to work with an experienced attorney who can represent your particular needs.
What Else Goes Into a Postnup?
Like a prenuptial agreement in New York, a postnuptial agreement must be in writing and be entered into voluntarily by both spouses, based on the full disclosure of all relevant information. Also, a New York court will not enforce an agreement found to be “unconscionable,” or so penalizing to one party as to be grossly unfair. A lawyer can help you ensure the agreement is full and fair.
If you have any questions about prenups or postnups, DO NOT hesitate to contact the Law Offices of Paul A. Boronow, PC. We can be reached at (516) 227-5353.