Marital contracts may be used to establish rules for the treatment of assets and debts prior to marriage, during marriage, and in the event of a separation or divorce. A poorly drafted agreement may be unenforceable and thus useless when it is finally needed, so it is important to ensure that yours is as airtight as possible.
Most people have heard of prenuptial agreements, but there are also other less well-known marital contracts available to couples in the State of New York that a family attorney can assist with, each of which has a different purpose, rules, and timing. A knowledgeable Rochester marital agreements lawyer from Tully Rinckey PLLC can suggest the correct agreement for your needs and help you draft an enforceable document.
Aside from the marriage contract itself, there are four basic types of contracts that married couples may utilize. A marriage in Rochester creates a fiduciary relationship between the two parties that these other types of agreements may be used to further define.
More specifically, these contracts identify specific assets and provide guidelines for the rights and responsibilities of each party, both during the marriage and/or in the event of an eventual death or divorce. Some of the items that may be addressed in a marital agreement include ownership of bank accounts, real estate, brokerage accounts, retirement funds, and spousal support.
Prenuptial and Postnuptial Agreements
A couple may enter into a contract before they marry called a prenuptial or premarital agreement. This contract may set rules for the treatment of separate property acquired prior to the marriage or other property acquired during the marriage. In addition, it can identify assets and debts as well as provide guidelines for property division and spousal support in the event of a separation, death or divorce.
To be valid and enforceable, prenuptial agreements must be in writing, duly acknowledged and signed freely by both spouses. The contract must not be entered under duress, and both parties must provide full disclosure of assets and debts. Each spouse should also be afforded an opportunity to consult with separate Rochester marital agreements lawyers.
Conversely, parties who are already married may enter a postnuptial agreement if they did not create a prenuptial agreement before they were married. A postnuptial contract may alternatively be used to update prenuptial agreement terms due to a change in the couple’s circumstances. Postnuptial agreements require the same elements as prenuptial agreements to be enforceable, and likewise may contain specific terms for property division and spousal maintenance in case of a future separation, death or divorce.
Separation and Settlement Agreements
Rochester courts recognize legal separations as a first step in the divorce process or an alternative that allows parties to live apart while delaying a divorce and/or attempting to reconcile. Like other marital agreements, a separation agreement provides various rules and expectations for the parties. If the couple decides to divorce, the terms may be used in the final divorce judgment.
Finally, settlement agreements are executed as part of and during a divorce action to address property division, spousal maintenance, debts, and issues involving children. If both parties can agree on terms, they may be able to avoid trial and associated costs.
Challenges to Marital Agreements
One party may decide to challenge a marital agreement. If so, they bear legal the burden of proving that the agreement is invalid. Courts may invalidate an agreement if it is found to be severely one-sided, unfair, “unconscionable” or was the result of fraud or duress. A seasoned marital agreements attorney in Rochester can further specify on what grounds a challenge to such an agreement may be successful.
Get Legal Assistance from a Rochester Marital Agreements Attorney Today
A well-drafted marital agreement can clearly outline your rights and responsibilities during marriage and at the time of separation, death or divorce. However, you may be in for a nasty surprise if you attempt to enforce a contract only to find it was poorly drafted and possibly is invalid.
An experienced Rochester marital agreements lawyer could help you by explaining the types of marital agreements available and draft one that is expertly tailored to your needs. Call Tully Rinckey PLLC today at 8885294543, or send an email to firstname.lastname@example.org, to see if a marital agreement is right for you.
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