Prenuptial and Postnuptial Agreement Lawyer in Long Island
A prenuptial agreement is a written contract between two people who are about to be married. Agreements of this nature are created to outline the terms of marital property and separate property distribution. By drafting a prenuptial agreement, people entering into a marriage are fully aware of their economic situation, should the marriage end in divorce or legal separation. A postnuptial agreement is similar to a prenuptial agreement. The only difference is that a postnuptial agreement is created after two people are already married.
Many people find prenuptial and postnuptial agreements to be distasteful, and may take these agreements as a sign of mistrust. However, prenuptial and postnuptial agreements can have the exact opposite effect. By having early financial discussions and clearly expressing one another’s wishes, intended spouses eliminate much confusion and can actually build trusting relationship.
Marital Property versus Separate Property
Before two people can draft a prenuptial or postnuptial agreement, they must able to identify what property is considered marital, and what property is considered separate. Marital property is all assets that are acquired throughout the duration of the marriage. These assets may include:
- real estate property
- motor vehicles
- stocks and bonds
- money within a savings account
- furniture
- businesses owned by either spouse or both
Separate property is:
- all possessions acquired before the marriage commenced
- property given as a gift by a third party
- compensation for personal injuries
- inherited property
After the two parties have carefully reviewed their marital assets and separate assets, they may begin to draft a prenuptial or postnuptial agreement. At this time, it is always beneficial to speak with a family law attorney who has experience with drafting pre and post nuptial agreements. An attorney can review the agreement to make sure it is in compliance with state laws and can also mediate conflicts that may arise throughout the drafting process.
For help with a prenuptial agreement or postnuptial agreement on Long Island, contact an attorney at our law firm today!