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Prenuptial agreement basics; what New Yorkers need to know

There is often a lot of confusion about prenups, including what can be included and who these documents can actually help. The simple truth is that a prenuptial agreement can be an effective tool for any marriage — if it is properly formulated. For New York residents who are about to tie the knot, here are a few basics about prenuptial agreements.

As mentioned in a previous post, prenuptial agreements do more than simply protect finances. While protecting assets is an important part of a prenup, other concerns also come into play. Those who fall into one of the following categories may also benefit from creating a marital agreement:

  • Business owner
  • Pursuing a professional license or degree that may result in a profitable career
  • Have children from a previous marriage
  • Have a loved one with special needs

While these represent only a few reasons to consider a prenuptial agreement, those who choose to pursue a prenup, regardless of their end-goal, need to make sure all legal bases are covered. To ensure that each party is equally protected, having separate legal representation, listing all assets and wants, and completing an agreement well before the wedding can help establish a valid and enforceable document. After a prenuptial agreement has been completed and the marriage has taken place, it is not uncommon for circumstances to change. Modifying agreements and making sure they are kept up-to-date should not be overlooked.

New York residents who want to ensure their assets, loved ones and privacy are protected in the event of divorce can benefit from a marital agreement. However, making sure these documents are legally sound is a must. Taking the proper steps in constructing a prenuptial agreement can make all the difference if, for whatever the reason, the marriage doesn’t work out.

Source: bankrate.com, “Everything you need to know about prenuptial agreements”, Dec. 8, 2014

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP

Should you have any questions please feel free to contact us at 845-566-5345

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