Easy Questions  
Free Legal Documents

What You Can and Cannot Do With a Pre-Nuptial Agreement in Altamont, NY

What You Can and Cannot Do With a Pre-Nuptial Agreement in Altamont, NY


The greatest marriages are built on teamwork. A mutual respect, a healthy dose of admiration, and a never-ending portion of love and grace.
 
- Fawn Weaver


A prenuptial agreement or prenupis a legally binding contract created by two people before they marry, addressing such issues as the property bought into the marriage by each person and what the financial settlement and property rights of each will be should they divorce. Couples can spell out the financial responsibilities of each should there be a divorce, they can articulate specific expectations of each during the marriage (and remedies should these commitments not be met).

Marriage is a serious business and all couples should consider a prenuptial agreement and a strong understanding of the laws of their state pertaining to divorce. The agreement is commonly used by people with substantial assets, potential inheritance, high income or children from prior marriage.

Before signing a prenup, you should have a clear understanding of its purpose and what it can or cannot do on your behalf.

What is allowed in a Prenuptial Agreement:

• Identify who gets what in a divorce. Prenuptial agreement can be use to set the rules for property distribution thus preventing disagreement during a divorce. Without this document, the state law will be the one to determine how the property will be allocated upon your divorce. Getting or not getting alimony can also be stated in the prenup but a lot of states do not allow agreements regarding alimony.

• Separate finances.When a couple is married, all the property they have accumulated during the course of their marriage is considered marital or community property even if these assets aretitled in one spouse's name. When one of them dies or they divorce, these properties will be equally divided through agreement or a court order. The best way to avoid having the court decide all property settlements in death or divorce is to spell it out in a prenuptial agreement.


• Determine property distribution at the death of one spouse. A prenup can be used to waive your inheritance rights and declare your intentions of forgoing certain property rights at the death of a spouse. In addition to a prenup this should be spelled out in estate planning documents that can actually transfer your property as planned. This includes making a will, a living trust and other estate planning documents.

• Debt protection.One or both spouses may bring substantial debt to a marriage. Creditors may turn to the marital or community property to settle the liability of one spouse. Having a prenup can limit the liability for each others' debts.

• Provide for children from prior marriage.You may wish to make sure that children from previous marriages have a share in the property you own. Having a prenup can protect the children's rights and prevent one spouse from claiming the other's property if one of them dies.

• Keep property in the family. A prenup can include property (e.g. family heirloom or share in the family business) that you want to keep within your birth family, as long as it is agreed upon by both of you. Even a future inheritance can remain in the family through a prenup.

• Clarify responsibilities during the marriage. Other uses for a prenuptial agreement can be stated in terms of marriage responsibilities like:

• Income tax returns, whether joint or separate filing

• Who will pay the household bills and the funding source for these obligations

• Whether to have a joint bank account and who will manage it

• Agreements regarding specific purchases

• How to handle credit cards

• Agreement on setting aside money for savings

• Agreements regarding education

• Agreement regarding the provisions for the surviving spouse just in case the other one passes away.

• How to settle disagreements in the future

What is not allowed in a Prenuptial Agreement:

• Restrictions on child support, custody or visitation rights. Lawmakers regard the welfare of children to be a matter of public policy. They won't enforce any private agreement that can impair the child's right for a future relationship with a parent

• Give up the rights to alimony. This is a separate maintenance or spousal support whenever a divorce occurs. Some states do not allow the giving up of the rights for alimony.

• Encourage divorce. Prenups should not be use as a sort of financial incentive for divorce to one party. When this is the case, it will be set aside.

• Create rules about non-financial matters. This refers to the issues that is not related to property or financial matters like:

• Chores in the house

• Use of last name after marriage

• Agreements regarding children

• How to communicate to in-laws or stepchildren

• Agreements regarding pets and its care

You may use prenups for financial purposes, but not for nonmonetary agreements. If you want to make clear the responsibilities with regards to the non-monetary concerns, you may list it down on a separate document that can clarify your wishes and intentions rather than include it as part of a prenuptial agreement.

 
Personalize & Print a Free NY Premarital Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Related Legal Services near Altamont, NY
Anita Fugoso, RPT BS HHP
66 Summer St
Buffalo, NY 14209
(716) 307-9898
Family Law Attorneys, Attorneys, Divorce Assistance
Henry Caruso Law Office
8225 3rd Ave
Brooklyn, NY 11209
(718) 759-9890
General Practice Attorneys, Attorneys
Santucci Michele
11 Oaktree Ln
Schenectady, NY 12309
(518) 783-9861
Attorneys, Legal Service Plans
Michael L. Walker, Esq., PLLC
9052 Fort Hamilton Parkway, Second Floor Suite
Brooklyn, NY 11209
(718) 680-9700
Bankruptcy Law Attorneys, Attorneys, Real Estate Attorneys
Crispo Pasquale J
2 Stuyvesant Oval
New York, NY 10009
(212) 777-9211
Attorneys, Legal Service Plans
Mammolito Jerome
7512 3rd Ave
Brooklyn, NY 11209
(718) 238-9100
Attorneys, Legal Service Plans
William Basso Law Offices
253 83rd St
Brooklyn, NY 11209
(718) 833-8855
General Practice Attorneys, Attorneys
Gangemi Ursula A
7820 3rd Ave
Brooklyn, NY 11209
(718) 238-8855
Family Law Attorneys, Attorneys, Legal Service Plans
Delicata Alfred A
484 White Plains Rd
Eastchester, NY 10709
(914) 337-8080
Attorneys, General Practice Attorneys, Legal Service Plans
Alexanderson Peter C
1454 Route 22
Brewster, NY 10509
(845) 279-7890
Attorneys, Legal Service Plans
Bruce S Trachtenberg Law Ofc
2350 Barcelona Rd
Schenectady, NY 12309
(518) 382-7815
General Practice Attorneys, Attorneys, Legal Service Plans
Cossingham George L
707 Delaware Ave Apt C
Albany, NY 12209
(518) 434-7718
Attorneys, Legal Service Plans
Fico Gaetano D
2103 Milton Ave
Syracuse, NY 13209
(315) 218-7411
Attorneys
De Fio Dan
774 State Fair Blvd
Syracuse, NY 13209
(315) 488-7339
Attorneys, General Practice Attorneys, Legal Service Plans
Zivitov Boris
457 77th St
Brooklyn, NY 11209
(718) 833-7333
Attorneys, General Practice Attorneys
Giardina Lawrence
8212 3rd Ave
Brooklyn, NY 11209
(718) 238-7300
Attorneys, Legal Service Plans
Binder & Binder
9201 Fourth Ave Suite 703
Brooklyn, NY 11209
(718) 748-7107
Social Security & Disability Law Attorneys
Motelson Michael
101 Tyrellan Ave # 420
Staten Island, NY 10309
(718) 984-7077
General Practice Attorneys, Attorneys, Legal Service Plans
Three Lakes Managmnt Corp
Brewster Rd
Brewster, NY 10509
(845) 279-7051
Attorneys, Legal Service Plans
Difiore & Retta
575 White Plains Rd
Eastchester, NY 10709
(212) 775-7004
General Practice Attorneys, Attorneys
Grimaldi & Yeung LLP
9201 4th Ave
Brooklyn, NY 11209
(718) 238-6960
Attorneys, Legal Service Plans, Estate Planning, Probate, & Living Trusts, Elder Law Attorneys, Esta
Kaplin Richard A
478 Bay Ridge Pkwy
Brooklyn, NY 11209
(718) 238-6800
Attorneys, General Practice Attorneys, Legal Service Plans
Ward Law Office
2103 Milton Ave
Syracuse, NY 13209
(315) 488-6740
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Family Law Attorneys,  Divorce Attorn
Cioffi Slezak Wildgrube
2310 Nott St E # 1
Schenectady, NY 12309
(518) 377-6700
Estate Planning Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US