What Is A Prenuptial Agreement?

which is equivalent to the signing of a prenup

If you are reading this article, you must want to find out what a prenup is and why it is so important for many couples. The word prenup is a Latin term meaning “to unite”. Under New York law, a married couple can enter into a prenup that legally designates them as legally separate legal property rights that can in future be considered marital property. In short, when you draw up your legal papers, you are making a formal promise to marry one another,

A prenuptial agreement is designed to protect both parties. Under the terms of the agreement, the husband and wife agree as to how they will separate their legal property assets in the event of a divorce. The husband and wife each make a separate deposit with a Trustee of an escrow account. The money in the account is separate from the marital assets and is held in trust.

Once you have obtained a Prenuptial Agreement

The courts will allow you to proceed with the marriage as soon as you have finished executing the paperwork. Once a Prenuptial Agreement is filed in the proper place, the state law courts will consider the marriage to be legal. Once you have entered into a civil union or matrimony, you will no longer be required to obtain a legal separation agreement. It is recommended that if you intend to marry again in the future, you consult with your family law attorney who will be able to provide you with further information regarding the legal separation of assets and obligations in this state.

When a Prenuptial Agreement is executed in the state of New York, there are some expectations for both parties. In most instances, the woman will give her man a written guarantee of support for the duration of the marriage. This means that if the husband falls behind on any of his bills or becomes unemployed, he can receive the full amount of spousal support, which is typically determined by a mathematical formula used by the state court. In the event that the husband does not receive the promised support, he may be granted monthly payments which will be arranged by the court after consulting with each spouse. These monthly payments will continue until either party decides that the marriage should end, or that the financial support should be continued.

Prenuptial Agreement provides an opportunity for a couple to live out their lives as married

Many states require that the spouses execute a Prenuptial Agreement prior to marriage. Typically, these agreements are written in standard English. The agreement will cover such matters as property division, child custody and alimony, although specific details may vary from state to state. Some of the specifics that may be covered under the prenuptial agreement include: who retains the marital house and property; who keeps the child (Ren); what type of joint ownership of property and money the couple has; who decides when one spouse is present and active in the home; who receives the prenuptial (marital) insurance policy; and what duties (if any) each spouse is required to perform. Couples who agree to terms in the Prenuptial Agreement may also include a provision allowing the other spouse to defend against any claims of fraud or neglect by stipulating that if the other spouse files a claim, then the defense must reimburse him/her for expenses up to a certain amount.

It should be noted that executing a prenuptial agreement does not prevent one spouse from later suing the other. The agreement only sets out the conditions of the arrangement and cannot be used as a bargaining chip in divorce proceedings. So long as the terms of the contract are agreed upon before the wedding, the agreement of course remains in effect after the marriage. If one of the spouses dies, the surviving spouse may retain possession of the property and funds under the prenuptial agreement regardless of what laws or assets were protected in the prenuptial agreement. So long as the terms of the contract are respected, the Prenuptial Agreement provides an opportunity for a couple to live out their lives as married without having to worry about creditor’s claim their belongings in the divorce.

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