Postnuptial agreements are similar to prenuptial agreements. Most partners choose to divide property and set forth the rights to property in case of a divorce before the marriage occurs. Often, this is because the partners do not realize that postnups are a binding agreement in the state of New York. In the agreement, you disclose all of your property and money to your spouse. Then, you decide the responsibilities you have throughout the marriage and later, how to divide the money if one of you dies or if you seek a divorce.
New York law determines property division between married couples. According to the New York City Bar, if you have a postnuptial agreement, it supersedes the law. Instead of surrendering your assets to the state for the court’s decision, you keep the power in your hands.
Valid postnuptial agreements protect your spouse and yourself from the state taking control of your assets. A postnup agreement does have to follow a couple of guidelines in order to be valid. You and your spouse must enter into it with full and fair disclosure. You execute the agreement with full formality.
The postnuptial agreement addresses the following concerns:
- Definition of marital property
- Establish support and maintenance
- Establish child support for children from a former marriage
- Pre-marriage debt
- Definition of separate property
The one issue that you can address in your postnup but will also have to address in the court system includes child support and child custody. The court will determine if your agreement has the child’s best interests in mind.
The information here is for educational purposes only and is not in any way legal advice.