Should You and Your Partner Obtain a Nuptial Agreement?
Prenuptial and postnuptial agreements are legal contracts that future or current spouses sign in order to predetermine estate division and other issues in the event that the couple divorces. While it may seem counterintuitive to discuss the prospect of divorce with a fiancé or new spouse, it is important to consider your future and how to protect yourself financially.
Matters typically addressed in a nuptial agreement include the following:
- How separately- and jointly-owned property are to be divided in a divorce
- Terms of alimony/spousal support in the event of divorce, including how much and for how long
- Terms of custody, education and other parenting responsibilities of children from the marriage or from either spouse
While prenuptial and postnuptial agreements are useful for many couples in Westchester and Putnam counties and throughout New York, they are not always necessary. Consider speaking to a lawyer about drafting a marital contract if any of the following apply:
- There is significant disparity between your net worth and your partner’s
- There is a significant disparity between what you earn and what your partner earns
- This is your or your partner’s second or subsequent marriage
- You or your spouse have children from a previous marriage or relationship
- You or your partner have considerable personal debt
- You or your partner own or partially own a business
- You want to protect your wishes as established in your estate plan
- You or your partner plan to quit your job in order to raise a family
To learn more about the protections offered in prenuptial and postnuptial agreements, consult a family law attorney.