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Prenuptial Agreement Lawyer Albany NY
Although marriage is a huge step in any person's life, there are laws that protect both spouses in case of a divorce, separation, or death. They help determine the distribution of assets and liabilities as well as the legal rights of the individuals after the adverse situation.
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While these rules may seem complex, they are a more civilized way of taking control of one's matters than relying on the courts. Fortunately, a prenuptial agreement lawyer can help.
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Divorce & Family Legal, LLC offers trustworthy and compassionate family law representation in Albany, New York. Its attorneys have the expertise and skills to help those looking to draft prenuptial agreements to avoid equitable distribution, ensure child custody, and determine spousal support in case of a divorce or separation.
Understanding Prenuptial Agreements
A prenuptial agreement (prenup) is a legally binding contract between the spouses before a marriage that specifies the wishes of the individuals pertaining to the allocation of marital and separate property.
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Simply put, prenuptial agreements take into consideration the assets and liabilities prior to the big day and the gifts or inheritance obtained during the marriage. It may also specify details regarding child custody, child support, and alimony in the event of a divorce. Drafting and signing a prenuptial agreement before marriage is an excellent way for individuals to protect their assets from equitable distribution laws, which essentially divide an individual's wealth equitably.
Issues That Invalidate an Albany Prenuptial Agreement
While there are no restrictions on what each person can request during a prenuptial agreement except for child-related issues, there are certain things that can invalidate such legally binding contracts in Albany, New York. These include the following:
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A forcibly signed prenuptial agreement
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A prenuptial agreement signed by a person lacking the mental capacity to understand legal documents
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An unconscionable prenuptial agreement
If a prenuptial agreement waives a spouse's right to financial assistance after the divorce, it may raise some eyebrows in Albany courts. In such cases, the judge may decide to invalidate these provisions, especially if the spouse is forced to seek public assistance.
The Benefits of Prenuptial Agreements
The primary aim of a prenup is to ensure the protection of a person's marital and separate property in case of a divorce. In addition to that, there are many benefits of this legally binding contract, some of which include the following:
It Reduces Conflict
Divorces can be messy. A prenuptial agreement reduces conflict during such situations, ensuring a smooth transition from marriage to a single life without disagreements between the spouses.
It Lets Spouses Take Control of the Legal Matters
With a prenup in place, couples can take control of their own matters instead of relying on the courts. They can decide on the terms of the divorce before marriage rather than allowing a judge to determine the allocation of marital and separate property.
It Helps Protect the Children's Inheritance
A prenuptial agreement can also protect the interests of children from a previous marriage. It ensures that the assets and inheritance of a spouse are passed down to the rightful heir.
It Saves Time and Money
Since prenuptial agreements include all of the information needed to expedite the legal process, they are a quicker way for couples to move on with their life after the divorce. It can save both parties a lot of time and money.
Issues Covered by Prenuptial Agreements in Albany, New York
There are several issues that prenuptial agreements cover, and these are as follows:
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Spousal support or maintenance
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Protection of separate property
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Distribution of the appreciation in the value of separate property
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Distribution of marital property acquired after marriage
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Life and health insurance coverage
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Bank accounts and investments
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Retirement accounts
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Any legal obligations of either party towards each other after death
To ensure that the prenuptial agreement is enforceable, both parties must work together to decide the terms and conditions of the divorce before the marriage. Each individual should hire an attorney specializing in family law to provide assistance, reduce conflict, and ensure their best interests.
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Are Postnuptial Agreements the Same as Prenups?
While postnuptial agreements serve the same function as a prenup, these legally binding contracts are often established after marriage. There are certain circumstances that may lead the spouses to sign such documents, including a significant change in financial status, career transition, and substantial inheritance.
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Whether an individual is considering a prenup or postnuptial agreement, they must work with an experienced family law attorney. The lawyer can assess their situation and guide them in establishing a legal framework that ensures their future stability and prosperity.
Essential Things to Include in a Prenuptial Agreement
Since couples make their own prenuptial agreements, they are unique, which means that no two legally binding contracts are the same. However, there are a few things that are common in any prenup, some of which include the following:
Property Division
The main goal of a prenuptial agreement is to ensure the protection of each party's separate property after the divorce.
These may include financials, bank accounts, investments, retirement assets, and art, among many other things.
Simply put, a prenup determines what assets return to which person regardless of whether the individual owned the property prior to getting married or gained it during their marriage. It also allows each spouse to transfer, buy, or sell property.
Spousal Support
A prenuptial agreement also highlights the financial assistance, spousal support, and other benefits that a spouse might receive after a divorce. This makes it incredibly important for both parties to decide on the amount and duration of payments, including life insurance, after the death of the policyholder.
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The prenuptial agreement lawyer (Albany, NY) at Divorce & Family Legal, LLC, has a deep understanding of New York family law. They can help create a legally binding agreement while considering their client's best interests.
Divorce & Family Legal Free Initial Consultation on Prenuptial Agreements
Whether it's prenuptial or postnuptial agreements, Divorce & Family Legal, LLC, and its family law attorneys have extensive experience in protecting individuals' assets and shielding them from unnecessary liability or legal disputes after full disclosure. They can advise on executing a marital plan that works best for their clients.
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If you're in Albany, Clifton Park, Saratoga Springs, or other nearby areas and need help drafting a prenup, call Divorce & Family Legal, LLC at (518) 992-5924 to schedule a free consultation with an expert today!