New York Prenups: Not Just Protection From Gold-Diggers

Eighteen years, eighteen years
She got one of yo kids got you for 18 years
I know somebody paying child support for one of his kids
His baby momma's car and crib is bigger than his
You will see him on TV, Any Given Sunday
Win the Superbowl and drive off in a Hyundai
She was spose to buy ya shorty TYCO with ya money
She went to the doctor got lypo with ya money
She walking around looking like Micheal with ya money
Should of got that insured got GEICO for ya money
If you ain't no punk holla We Want Prenup
We want prenup!, yeah
It's something that you need to have
'Cause when she leave yo ass she gone leave with half… 

-Gold Digger Kanye West

One sure way to protect yourself from financial ruin when a loving marriage ends in a divorce is to have a prenuptial agreement in place.   A prenup can establish your post-divorce lifestyle and fix your financial responsibilities and rights even before you wed.

A prenup in New York can completely eliminate or limit maintenance payments.  It could also define what happens to property acquired during the marriage.   Absent a prenup, the higher earning spouse may be required to pay maintenance to the other spouse as determined by a statutory formula.    The prenuptial agreement could over-write the law and eliminate this obligation.

Likewise, a properly executed prenuptial agreement can provide how property will be divided if there is a divorce.   Under New York law, marital property is equitably distributed.   A prenup can define what, if any, property is marital and how the marital property will be distributed.

What  New York Prenups Can and Can’t Do

The prenup cannot only address post-divorce issues, but marital life.  The agreement could provide for how expenses during the marriage are paid, how marital bank accounts are funded and how assets, like the marital home, are titled.   The only things that cannot be addressed in a prenuptial agreement are issues involving child custody or child support.   Those issues can only be addressed if, and when the parties divorce.

In short, prenups are not only used to provide protection against gold-diggers, but they are also appropriate when one spouse:

  • Comes into the relationship with substantial assets that require protection from the claims of your prospective spouse;
  • Has children from a prior relationship and wants to secure their inheritance rights.
  • Runs a business and wants to protect his/her business interests.
  • Wants to identify his/her separate or pre-marital property.

If you are contemplating marriage, we can assist you in drafting and negotiating a prenup agreement and we will do it right. Please contact us or call us at 212-683-9551.

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