Individuals who are contemplating marriage have the right to decide, in advance, how their assets and liabilities, along with other legal rights, shall be determined in the event of a divorce or upon the death of one of the spouses. Located at 54 State Street in Albany, NY, O’Connell & Aronowitz is a valuable resource for people seeking a prenuptial agreement attorney. Our experienced and compassionate attorneys have handled hundreds of family law cases throughout New York State. January 2018 marked an expansion to our renowned Family & Matrimonial practice with Flo Richardson joining the firm as Of Counsel. Bringing decades of experience focusing exclusively in family law matters, Flo joins our attorneys Will Berglund and Kelly Mikullitz to create one of the most dynamic family law practices in the state.
About Prenuptial Agreements
The usual purpose of a prenuptial agreement is to preserve prospective spouses’ individual assets. This includes the property that each person owns before the marriage, and that obtained during the marriage by gift from others, by inheritance, or as compensation for personal injuries. Separate property, with some exceptions, is not subject to distribution between spouses upon a divorce.
Some of the issues covered by prenuptial agreements include:
- Spousal support or maintenance.
- Preservation of separate property.
- Distribution of the appreciation in value of separate property during the marriage.
- Distribution of subsequently-acquired marital assets and marital liabilities.
- Life insurance coverage.
- Health insurance coverage.
- Distribution of personal property.
- Bank accounts.
- Retirement accounts and other assets.
- The obligations by either party to provide upon his or her death, for the other.
Prenuptial agreements must be signed with certain legal formalities to be enforceable. They should also be the product of sincere negotiations between the individuals, and after a full disclosure of each party’s financial circumstances. Each individual should also be represented by his or her own attorney.
When to Sign a Prenuptial Agreement
A prenuptial agreement should be signed in advance of the wedding date, so both parties have more than enough opportunity to give careful consideration to, and fully understand and appreciate the rights and obligations created by the prenuptial agreement.