Postnuptial Agreements in New YorkBy Jane K. Cristal
Nov. 28, 2010 3:55p
A postnuptial agreement can perform the same functions of a prenuptial agreement except for the fact that it is established, after the marriage as opposed to before the marriage. A well drafted postnuptial agreement can protect the rights and interests of both spouses. The purpose of postnuptial agreements is to prevent future difficulties or disputes over property or asset division in the event of dissolution of the marriage. A postnuptial agreement will help:
- Determine future alimony or maintenance payments and obligations
- Protect assets
- Define separate property and marital property
- Protect the interests of children from a previous marriage
- Avoid expensive disputes in the event of a divorce
What Are The Reasons For a Postnuptial Agreement?
Any married couple can draft a postnuptial agreement as long as they are married and before they get a divorce. There are circumstances than can arise after a marriage that may lead a couple to drafting a postnuptial agreement. In this case, a postnuptial agreement can perform the same functions as a prenuptial agreement. These reasons often include but are not limited to:
- A career change
- A significant change in one or both spouse's financial status
- A substantial inheritance
There are certain restrictions that New York State provides for. For instance, issues involving child custody and child support cannot be included in prenuptial or postnuptial agreements. The Child Support Standards Act, a federal statute, which is enforced in all 50 states, governs matters involving child support.
It is a misconception that prenuptial agreements and postnuptial agreements are only for wealthy people. Due to the high cost of divorce, second marriages and especially marriages where one party has sufficiently more assets than the other, prenuptial and postnuptial agreements are very useful tools in marriages. Prenuptial and postnuptial agreements are especially effective when one is making an estate plan in the event of their death.
If you are planning on drafting a postnuptial agreement, a Nassau County postnuptial agreement attorney at Jane K. Cristal, PC can help. We have helped many clients in your situation draft successful postnuptial agreements with their spouses.
Contact a Nassau County Postnuptial Agreement Lawyer at our firm today for a free consultation.
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