Postnuptial agreements are an increasingly popular way for couples to protect their assets and clarify their financial arrangements in marriage. These agreements, also known as postmarital agreements, are similar to prenuptial agreements but are created after the wedding.
In New York, postnuptial agreements are generally enforceable, but there are certain requirements that must be met in order for them to be valid. Here are some key things to know about postnuptial agreements in New York:
1. The agreement must be in writing. Postnuptial agreements must be in writing and signed by both spouses in order to be enforceable.
2. Both parties must be represented by attorneys. It is highly recommended, and often required by courts, that both parties have their own lawyers who can review the agreement and ensure that it is fair and equitable.
3. Full and fair disclosure is necessary. Both parties must fully disclose their assets and liabilities to each other before signing the agreement. This means providing detailed information about all bank accounts, investments, real estate, and other assets.
4. The agreement must be fair and reasonable. A postnuptial agreement cannot be used to unfairly disadvantage one spouse or to leave one party with an unreasonable share of the marital assets.
5. Public policy considerations may come into play. While postnuptial agreements are generally enforceable, there are certain public policy considerations that may come into play. For example, an agreement that attempts to limit child support or custody rights may not be enforceable.
It is important to note that postnuptial agreements can be challenged in court, and a judge may decide that the agreement is not enforceable if it is found to be unfair or if one party was coerced into signing it.
In conclusion, postnuptial agreements are enforceable in New York, but they must meet certain requirements in order to be valid. It is always recommended to consult with an experienced attorney who can help draft an agreement that meets all of the necessary legal requirements and protects both parties` interests.