Prenuptial

What is Covered in a Prenuptial Agreement in New York

Prenuptial Agreement in New York

 

Prenuptial agreements are among some of the most misunderstood contracts. That's because people assume that these legal documents are designed solely to protect the marriage partner who brings more assets to the union. The reality is that a prenuptial agreement in New York can cover separate assets as well as numerous other issues. Contact the Sabra Law Group to learn more.

A prenuptial agreement can be an ideal contract for preserving inheritance rights for children from a previous marriage. While a will could certainly define heirs and inheritances, it doesn't hurt to include similar information in the prenuptial agreement. This way, both partners understand each other's wishes, and there will be less uncertainty and disagreement if one of the spouses passes away.

Prenups are also used to determine how businesses will be managed. Whether one spouse or both are involved in the operation of a business venture, the agreement can help to define how the business is run and any banking details. A prenuptial agreement may be even more essential when both spouses run different businesses as it can specify that the two businesses will remain separate entities.  This is often a concern for those companies that have investors and other partners.

Spouses can also agree to how they will manage their finances in a prenup. Perhaps they will decide who will manage daily banking responsibilities or define contributions to savings or retirement accounts. The agreement could keep retirement account proceeds separate from each other in the event of a divorce. Perhaps the prenuptial agreement will contain information about financial responsibilities that will be assumed by each partner. For instance, one partner may shoulder the mortgage and utility payments while the other will manage spending for groceries, household bills and discretionary income.

While many prenuptial agreements are designed to protect a partner who enters a union with significant assets, sometimes these agreements are designed to protect spouses against substantial debt. If one partner comes to the marriage with a combined total of $75,000 in debts while the other partner has no notable debts, then the partner with the debt may want to assume ongoing responsibility for the payments. Thus, the prenuptial agreement would include a provision that says that the debt continues to belong to that spouse, and that in the event of a divorce, the other partner will have no responsibility for it.

A prenuptial agreement in New York can take many forms. Call (646) 472-7971 to speak with the Sabra Law Group today.

Why Prenuptial Agreements in New York are Useful

Prenuptial Agreements in New York

 

High-profile, celebrity divorces often put the issue of prenuptial agreements on the front pages of newspapers. However, these straightforward contracts aren't just for the wealthy. Prenuptial agreements in New York are actually ideal for couples of all financial backgrounds. Contact the Sabra Law Group to learn about how a prenuptial agreement might benefit you.

Many people have an instinctive, negative reaction to prenuptial agreements. They think that these documents take the romance out of their love story. Even worse, they think that the suggestion of a prenuptial agreement is the same thing as saying that they have no confidence that the marriage will stand the test of time.

While prenuptial agreements in New York are certainly a practical consideration rather than a romantic one, there are several reasons why it makes sense to have one drafted. Above all, marriage is a partnership in all things, which encompasses the romantic and the financial (just ask anyone who has gone through a divorce!). It's smart to make plans for the benefit of both partners.

In the event that the marriage does eventually come to an end, a prenuptial agreement can be the key to less acrimonious proceedings. When a couple decides to part ways, they often end up in a bitter, contentious battle that thoroughly sours them on their ex-spouse and marriage in general. A prenuptial agreement ensures a smooth process because many of the most hard-fought issues have already been decided.

Prenuptial agreements also cause couples to be up front about their true financial situation and their aspirations for the future before they get married. In the romantic rush of the engagement, practical considerations get swept aside. One partner forgets to mention their $50,000 in student loan debt while the other fails to disclose their $10,000 in credit card debt. A prenuptial agreement can define who is responsible for those debts in the event of a divorce as well as specifying which assets will be divided.

Prenuptial agreements can make sense for nearly any couple. However, they may be most beneficial for people entering a second marriage who have children from a prior union. The contract can spell out the children's right to inherit in the event of the death of one of the partners.

Call the Sabra Law Group at 646-472-7971 to find out more about the advantages of prenuptial agreements in New York.

New York Prenup Attorney Discusses if Prenup Agreements Can Be Enforced

New York Prenup AttorneyIf you are planning to get married, congratulations!  Now that you’ve decided to take this step there are many decisions to make – where to get married, what to wear, and considering signing a prenuptial agreement with your partner. 

If you are planning to live in New York State, regardless of where in the world that you both get married, you may have questions about prenuptial agreements and whether it will be enforced.

New York Prenup Attorney Sabra Sasson discusses if Prenup agreements can be enforced in the State of New York.  New York has not adopted the Uniform Prenuptial Agreement Act (UPAA).  The body of law governing prenuptial agreements in New York has developed through case law. 

 

Some Specific Guidelines That New York Follows Are:

  • The Prenup agreement must be signed before a notary public with the proper acknowledgements
  • The agreement will not take effect until the couple is married
  • Even if the marriage is not legally binding, if a Prenup agreement was made prior to the marriage ceremony, it will likely still be upheld
  • The terms of the agreement cannot be unconscionable

A Prenup Agreement Is Valid, Unless:

  • The agreement was signed under duress
  • One spouse was under the age of 18
  • If either spouse was not mentally competent
  • If the agreement gave one spouse a severely unfair advantage
  • The agreement was never in writing
  • The agreement was not signed until AFTER the marriage (and in that event there are a few additional requirements and considerations)

Can a Prenup Agreement Assist With Resolving Child Custody Issues?

If the couple has a child at the time of signing the agreement, the Prenup can help resolve some issues pertaining to child support such as the education that the child will receive as well as the day to day care and support of a child.  It is important to keep in mind that ultimately, the the jurisdiction of decisions affecting children are determined by a court which will determine child custody based on the best interest of the child. 

Schedule a Consultation With a New York Prenup Attorney Today

Drafting and creating a Prenup that fits your unique situation requires consulting with an experienced New York Prenup Attorney who can guide you based on New York state laws.  Contact Sabra Law Group today at (646) 472-7971.

In addition, Sabra Sasson Esq is the co-author of a recently released book in which she wrote several chapters, one of which discusses prenups and post-nups.  You can pick up your copy of the book Onward and Upward: Guide for Getting Through New York Divorce & Family Law Issues by clicking here. Use discount code Y38YZ5EX for 10% off.  

 

 

 

 

 

 

 

 

 

New York Prenup Attorney Explains Three Requirements of Prenuptial Agreements

Prenuptial agreements can provide a greater sense of security to individuals who want to protect their assets from default rules regarding the distribution of assets in case of divorce or the death of the wealthier spouse.  Often, couples may engage a New York Prenup attorney to help counsel individuals who want to protect the inheritance interest of their children from a prior marriage.  A New York Prenup attorney can explain the three requirements for a prenuptial agreement to be valid and enforceable. 

In Writing

It is not enough for a couple to agree to the basic terms.  They have to formalize their agreement in writing.  The prenuptial agreement may discuss a number of important terms, including testamentary provisions in the event of death, the distribution of separate and marital property, spousal maintenance and child custody and support, subject to certain limitations. 

Signed by the Parties

Both parties must voluntarily and knowingly sign the agreement.  The agreement is voidable if it is entered into under duress.  Additionally, fraud can also invalidate a prenuptial agreement.  Full financial disclosure is not specifically required under New York’s law on prenuptial agreements, but failing to disclose finances in full can potentially give cause a court to void the prenuptial agreement.  

Acknowledged in the Manner Required to Entitle a Deed

The same acknowledgments and proof must be included with the prenuptial agreement as are required to title and record a deed.  A written certificate of acknowledgment should be attached to the prenuptial agreement. 

By taking care to conform to the legal formalities of a prenuptial agreement, the agreement is more likely to withstand a challenge seeking to void the agreement.  Retaining the services of a New York  prenup attorney to draft a prenuptial agreement, review one that has been drafted by the other party’s counsel or provide an opinion about the potential enforceability of a prenuptial agreement may be the most important decision that you make (after having made the decision to marry).

Contact Sabra Sasson, Esq. at Sabra Law Group, PLLC to learn more about prenuptial agreements and to learn how it can protect you, your assets and even improve your relationship.  She can be reached at 646-472-7971.

Choosing a New York Prenup Attorney

Setting up a New York prenuptial agreement is a very wise move, but it may be difficult to do without legal help.  Hiring a specialized attorney to help you draft a prenup agreement can help ensure that finances are kept separate, children from previous relationships are taken care of, property rights are established in case of divorce, and financial responsibilities are clearly outlined.  Though you and your partner may be able to reach compromises and agreements on these issues without the use of outside aid, getting a lawyer involved who is familiar with the law in your area and can ensure your agreement’s enforceability, will protect against a future attempt to invalidate your prenuptial agreement.  Though a prenuptial lawyer is not necessarily a legal requirement, hiring an attorney to look out for your best interests and advise you about the agreements that you make will further strengthen and enhance the enforceability of the agreement.   

When you are looking for a prenuptial agreement attorney, make sure that you understand how your attorney can assist and guide you and be clear about the decisions you may need to make and how you will make them.  It could be helpful to write up a list of “must haves” with your partner before meeting with a lawyer to make it clear what you and your partner have in mind.  Remember that laws regarding marriage contracts do vary from state to state, and your lawyer will best be able to assist you in creating an agreement that will meet you and your partner’s needs and address your concerns if you and are clear about the things you want and don’t want. 

A New York prenuptial attorney will be able to help you decode and understand the specific marriage contract laws of New York.  If you do not have any legal background, having a prenup lawyer can be very helpful; they have a much more profound understanding of the laws than the average person would.  It may take some time and effort to find the best lawyer for your needs, but ultimately it is well worth the search.

Sabra Sasson is a prenuptial attorney who has been drafting and writing Prenup agreements for nearly a decade.   She is sensitive to the needs of her clients as well as the timing before marriage to draft, negotiate and get the agreement signed so that the couple can enjoy their big day.   Visit the Firm’s website at www.newyorkprenupattorney.com to learn more and contact the office now at 646-472-7971 to get started.

How Does a Prenuptial Agreement Start Your Marriage Off In the Right Way?

Prenuptial agreements have a lot of stigma surrounding them because of the underlying assumption that asking for one means one or both parties are planning for divorce.  This is not always true, as more couples are using prenuptial agreements to clarify concerns and reduce the opportunity for confusion in the future. 

Using a prenuptial agreement in New York allows you to start your marriage off on the right foot, by ensuring that both parties are on the same page about finance and money.  Issues like sharing assets, expectations that both parties have, child planning, inheritances, and clear parameters about who is entitled to what are all part of a bigger conversation about money and planning that is valuable for all newlyweds.  And, if either party has children from a prior relationship, has been previously married or anticipates a substantial increase in income in the future, these are life circumstances that may necessitate discussion and consideration of a prenuptial or ante-nuptial agreement. 

Money is one of the leading causes for couples to argue with one another that leads to divorce. So having conversations about money, income, finances, investments and financial considerations for the future and getting clear about them before you are married is essential.  These conversations might feel uncomfortable temporarily, but they will become easier over time.  Getting comfortable talking about money now, prior to marriage, will make those conversations easier when money issues arise after marriage since you will already have a healthy way to discuss them together.  Having money conversations now could reveal some opportunities where you and your spouse may need to work on some issues and clarify seemingly small issues that could otherwise develop into big arguments down the road. 

Do not fall for the myth that prenuptial agreements are only for couples where one party is entering the marriage with significantly more wealth.  This agreement is kind of like an insurance policy, a helpful planning tool that enables you to enter the marriage with more clearly defined arrangements and expectations with regard to money, finances and lifestyle. 

Sabra Sasson, Esq is a New York attorney who has been drafting prenuptial agreements for many couples, helping them to understand their current finances and get clear about the future they intend to create with their soon-to-be spouse.  Contact our office at 646-472-7971 to speak with an attorney at the Firm.

Why Do We Both Need an Attorney When Drafting a Prenup?

A prenuptial agreement is only valuable so long as it is valid, and that is why you need to take the process seriously and hire an experienced New York family lawyer to help you draft it.  During the process of putting together such a critical document, each party needs to have their own legal representation present.  This helps prevent arguments and ensures that your document is viewed as legally valid and enforceable.

One of the primary reasons to use two separate attorneys during the drafting stage is to prevent future arguments that one party was “coerced” into signing it because only one attorney was present.  Of course, the idea of entering into a prenuptial agreement is so that you can step into your marriage with your eyes wide open and then put it away and never have a need to use it again in the future.  However, in the unlikely event that the marriage doesn’t work out and the marriage will be dissolved, the prenuptial agreement significantly reduces the expense of a divorce since all of the financial issues are already addressed in the Prenup agreement.  Therefore, it is critical that the procedures of creating a valid and enforceable prenuptial agreement are followed properly and that each party makes their acceptance of the terms clear by hiring individual legal representation. 

Separate representation by a New York Prenup attorney also ensures that you have someone on your side reviewing the document in full to determine whether it is fair and whether you fully understand all of the terms and requirements laid out within it.  There is very little room for error once your document has been signed, so you need to be clear upfront about the stipulations inside a prenuptial agreement.  

Having your own New York family lawyer present gives you the opportunity to ask questions in a safe space and reduce the chances that the legality of the document will be challenged down the road.  Having separate attorneys review the document is the best way for each future spouse to be clear about expectations in advance. 

Sabra Sasson, Esq is a New York attorney who has been drafting prenuptial agreements for many couples, helping them to understand their current finances and get clear about the future they intend to create with their soon-to-be spouse.  Contact our office at 646-472-7971 to speak with an attorney at the Firm.

The People’s Prenup: Not Just for the Rich and Famous

poor richVery few people actually consider the potential fallout of divorce when they get married.  This is certainly understandable; when pledging your life to someone else, you no doubt expect to grow old together, and the idea of divorcing seems impossible.

Making things worse, most people regard a prenuptial agreement (or ‘prenup’) as not only bad luck, but as unnecessary unless you come from money and have significant wealth – that a prenup is only for the ‘rich and famous.’  Many couples who consider themselves to be of modest wealth and resources pursue a strategy of separation: If they keep their financial ‘streams’ separate (their own income, bank accounts, credit cards, investments, and retirement accounts) they would not need a prenup, because divorce will simply be a ‘conscious uncoupling’ process.

You Need a Prenup Lawyer in New York

This is, unfortunately, not true. Maintaining separate finances throughout the course of the marriage will not protect you from chaos when divorce looms, for several reasons:

  • Attitudes change when a marriage is ending, and a ‘gentleperson’s agreement’ regarding finances may not hold.
  • Separate financial streams will not prevent the court from evaluating contributions to the marriage or dividing assets in ways you cannot predict, or from ordering support based on individual wealth.
  • Separate incomes may not be equal, and you or your spouse may need assistance maintaining lifestyle when the lower income and wealth is separated from the larger.
  • Assets such as a home or car or other property where the non-owning spouse contributed to the down-payment or ongoing maintenance payments or other aspects of the asset may need to be negotiated.

Even if you regard your wealth as modest and have a good relationship, a prenup is always a good idea to protect both of you in the event that an unimaginable breakdown in the relationship should occur.  Discussing a Prenup with your loved one will enable you to get on the “same page” regarding how you each manage your finances, how you will manage them together during marriage, and it is a way to step into your marriage with your eyes wide open, rather than leaving the door open for possible ulterior motives or misunderstandings.

If you are unsure whether a prenuptial agreement is right for you, please contact our office at 646-472-7971 to schedule a consultation.

Forget the Trouble: A Prenup Saves You Money

The emotional and relationship roadblocks to an effective prenuptial agreement are well-known: Many people, in love and wanting to be optimistic about the chances of their newly-forged relationship, believe a prenup is unnecessary and potentially insulting.  The reality is a little different, of course; it’s a practical tool that has nothing to do, really, with love or trust.  It’s designed not so much to protect a “richer” spouse from the schemes of the “poorer” spouse, but to protect both spouses – and to save them both money.

Limiting the Damage

A prenuptial agreement, properly crafted by an attorney experienced in the law governing assets, marriage, and estates, can not only spare people from the emotional and physical stress and the assault on their privacy that divorce litigation often represents, but also spares them any sort of delay at all once the decision to separate is made.  Even mediation, while less troublesome and damaging than litigation, represents a delay that can add stress to the whole procedure.

However, the greatest benefit of a prenuptial agreement is the financial savings, because a well-prepared agreement precludes the need for expensive court proceedings and keeps attorney’s fees to a bare minimum.  If the prenup is doing its job, there is no need for argument or conflict: All decision have already been made, and thus there’s little need for discussion or argument.  A separation agreement can be generated from the prenup easily and quickly, receive the blessing of the court, and a divorce decree entered quickly, and at minimum cost.

This financial savings benefits both spouses equally no matter what the agreed-upon distribution of wealth and assets, because they are each spared the expense of hammering out every detail of their separation.  A prenup is thus always advised.

The Difference between Maintenance and Spousal Support in New York

spousal supportThe Difference between Maintenance and Spousal Support in New York

When people marry, in New York or elsewhere, they rarely consider divorce a real possibility.  As a result, most people enter into divorce with only a vague understanding of the mechanics and details.  A common misconception among people seeking to dissolve their marriage is that “spousal maintenance” and “spousal support”are the same thing.  While the mechanics are identical – one spouse paying the other money – they are actually separate mechanisms.

Maintenance versusSpousal Support

Spousal support in New York is awarded by Family Court to a spouse who is still married.  In fact, the couple does not even need to be separated or even currently engaged in a divorce or separation proceeding for the court to grant maintenance.  There is no time-limit on support orders – they only end when the other spouse petitions the court, or when a divorce is granted.

Spousal maintenance is granted post-divorce as part of the divorce decree.  The court does not consider any previous support orders when deciding whether to order ongoing maintenance, and gender is not a factor in any way.  The court considers up to twenty separate factors when deliberating the necessity and appropriateness of support, including the income and property assets of both spouses, the length of the marriage, and factors such as future earning potential, health issues, and who the primary caregiver to offspring is.

One of the more frustrating aspects of maintenance orders is that every marriage – and thus every divorce – is unique, with a unique set of factors to consider.  This can make prediction and handicapping spousal support in New York very difficult even for experienced and seasoned attorneys.

Having a separation agreement or a prenuptial agreement can give you control over the support decision, as the spouses can agree ahead of time on an equitable arrangement.