A prenuptial agreement is one of the most important documents you might create in your lifetime. It can help protect your property and other assets before entering into a marriage. This is a document that can be amended during the life of the marriage, but it must be done so according to the law in New York.
It’s easy to get lost in the excitement of planning a wedding, which could lead you to forgetting to create a prenuptial agreement. If you decide a prenuptial agreement is right for your situation, make sure you create it with your family law attorney well in advance of the wedding. You want this document to be one of the first legal documents surrounding your marriage.
Make sure the prenuptial agreement clearly defines what marital property is. In most instances, any property acquired after the marriage is typically joint property, even if it is acquired individually. You can avoid this conflict altogether by defining marital property in the prenuptial agreement.
Have the prenuptial agreement outline that any separate property coming into the marriage remains just that, separate property. This can include any income made from the property, the increase in value in the property and an exchange from one form of property to another form of property.
It’s also a good idea to record in the prenuptial agreement that any gifts from your spouse are considered separate property and not marital property. This prevents your spouse from trying to reacquire those items if divorce occurs and you go to divide the marital property in half.
The prenuptial agreement should also include debt, retirement benefits and of course, the engagement ring.
Preparing to get married is a happy, yet stressful time in your life. Adding in the creation of a prenuptial agreement can make it even more stressful. Enlist the help of a family law attorney in Newburgh to make the process as painless as possible.
Source: PopSugar, “The Most Important Things to Put in Your Prenup (Including Items You Probably Didn’t Think About),” Nicole Yi, July 05, 2017