Steps to Take Before Signing a Prenuptial Agreement in New York

Couples in New York who are considering a prenuptial agreement may want to address financial concerns before marriage. While using such an agreement allows a couple to set terms, it does not mean the document is beyond challenge. If you do not follow the requirements of New York law or if you fail to address specific financial issues, your agreement could be subject to court review or even set aside if a dispute arises.

Steps for Preparing Your Agreement

1. Ensure financial disclosure is thorough. Each person involved should share truthful financial details, as hiding assets or being untruthful can lead to claims of fraud or overreaching. While a lack of full disclosure does not automatically void the document, it can be a significant factor if a party attempts to challenge the agreement later.
2. Consider obtaining separate legal counsel. New York law does not mandate that each side hire their own lawyer, but having independent representation can prevent arguments about whether a person understood the document or was given an appropriate chance to look it over. Advice from your own lawyer may help you grasp how the terms will affect your life.
3. Define how assets and debts will be handled. The document can determine whether property is separate or marital, including how to treat any growth in value of premarital assets. You can also specify which spouse is responsible for certain financial burdens, such as credit card balances or student loans.
4. Address spousal maintenance terms. You can use the agreement to limit, define, or waive maintenance obligations, and this can include waiving temporary support if the text clearly indicates that the parties meant for the waiver to apply to that period. Note that terms regarding support must have been fair and reasonable at the time of signing and cannot leave a spouse unable to support themselves to the point of becoming a public charge.
5. Discuss estate rights. The agreement may allow a spouse to give up their right of election against the estate of the other spouse, as outlined under Estates, Powers and Trusts Law § 5-1.1-A. This is a common way for couples to handle inheritance matters before they marry.
6. Avoid signing too close to the wedding. While state law does not set a mandatory waiting period, finalizing the agreement in a rushed fashion can be used as evidence of duress or overreaching. Starting the process well in advance may allow for proper negotiation without the pressure of a looming wedding date.
7. Follow the required execution formalities. For the document to be valid, it must be written down and signed by both spouses. Furthermore, the signing must be acknowledged or proven following the same standards used for recording a deed, as required by Domestic Relations Law § 236(B)(3).

For the full detail, including the exceptions, read the original article from our Manhattan prenuptial agreement attorney.

About the author

Richard Roman Shum is a lifelong New Yorker who lives on the Lower East Side, where his office is. He focuses on divorce and family law in Manhattan, including uncontested and high-asset divorce, custody, child support and spousal support. He studied law at Suffolk University and is a member of the New York City Bar Association and the American Bar Association.

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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation.