When getting married in New York, you don’t want to imagine that things could end, and especially not on unpleasant terms. However, it is simply a matter of practicality to protect your property in case the worst-case scenario does happen, especially if you possess a great deal of wealth or assets.
When a divorce takes place, the division of property is determined by the court on the basis of what is considered separate property and what is considered marital property. The other thing that the court considers is anything specified in a prenuptial agreement.
How a prenuptial agreement works
According to the New York City Bar Association, a prenuptial agreement allows you and your spouse to define separate and marital property for yourselves upon entering into a marriage. This can help to avoid this being decided by the state.
If one of you is bringing debt into the marriage, a prenuptial agreement can specify that the debt will stay with the original debtor in case of a divorce. You can also specify who will provide support for any children that are being brought into the marriage.
Where a prenuptial agreement may not be valid
In certain instances where property is defined as separate property, the court may overrule a prenuptial agreement if you did not keep shared property separate. This can include things like cash that one of you brought into the marriage and shared in a joint bank account or a house that you will both be living in.
This article is meant to inform and should not be considered as legal advice.