New York Prenup: What You Need to Know

Are you a New Yorker thinking about a prenup? If so, you’re at the right place. In New York, a prenup, also known as a prenuptial agreement, helps couples plan a strong future based on shared financial goals. 

First, some basics on prenups: A prenuptial agreement is a legally binding document that lists your and your partner’s assets and liabilities. It also clearly spells out how the two of you would make key decisions, such as dividing your assets, if necessary.

While prenups can be seen as negative, they truly can be a huge positive in your life. Think of a prenup as a strong step toward solid future financial planning.

Getting to know the New York prenup process doesn’t have to be overwhelming. With Neptune, you can learn all about the most essential topics and then connect with vetted and experienced attorneys who can guide you through creating your prenuptial agreement in New York.

What You Should Know About Prenup Laws in New York

Laws about prenups can vary from state to state. In New York, prenups are governed by state laws, although they aren’t subject to the Uniform Premarital Agreement Act (UPAA).

New York is an equitable division state. This means the distribution of assets in New York after a couple part ways may not be exactly equal. This means it will be based on what’s equitable, or fair. With this in mind, a prenup in New York helps you decide how assets will be managed during the marriage, and in the case of a separation. 

For a prenup to be legally valid in New York, it must be fair, in writing, and signed by you and your partner. Both of you must disclose all assets and liabilities and seek independent legal counsel. This means both of you shouldn't use the same attorney, or a court may invalidate the prenuptial agreement.

This is also important to ensure neither one of you is being pressured into signing the agreement. Hiring experienced attorneys to write and notarize the agreement helps avoid mistakes or errors that might compromise its validity.

What a Prenuptial Agreement in New York Covers

A prenuptial agreement outlines how key financial matters will be handled during the marriage and if you go your separate ways. In New York, here’s what your prenup can cover:

Property Division

Assets you bring into the relationship are called known as premarital property and is usually considered separate property. You can specify these assets in the prenup, deciding if you want them to be classified as "marital property” or kept as “separate property”  For example, if you owned a home prior to marriage, you can decide if you would like the home to be kept as separate property. Or, if you believe you and your partner will live in the home, you can designate it as marital property. With a prenup, the terms of your agreement can be as simple or as complex as you want. 

Debts and Other Financial Responsibilities

Do you or a partner have substantial debt? In the prenup, you can state that the debt stays with you or your partner. Remember that deciding to get a prenuptial agreement means both partners must disclose all their assets (real properties, retirement accounts, stocks, cash, etc.) and their liabilities, including debts. If one partner has student loan debt, for example, you can specify that the debt remains the sole responsibility of that person.

Spousal Support/Alimony

Alimony, otherwise known as spousal support, can be included in a prenuptial agreement, especially when a partner considers giving up a career to raise children. However, it's essential to clearly identify the kind of support the other partner pays.

When it comes to spousal support, New York considers the parties' financial resources, length of the relationship, age, jobs of each partner, and earning capacity. You can also clarify if both partners decide to follow the spousal maintenance laws of New York, modify the law or completely waive support rights. 

Partners can also clarify the other person's right to manage a family business and their entitlement to a benefit when the other partner owns a life insurance policy. You should hire an attorney to help you navigate the prenuptial agreement process and ensure everything is covered.

When Is a Prenuptial Agreement Not Enforceable?

New York courts can throw out a prenuptial agreement if only one partner has legal representation. For your prenup to hold up, both you and your partner should work with independent attorneys. Errors in drafting, missing financial disclosures, or incorrectly filed paperwork can all render an agreement unenforceable.

At Neptune, we make this process easier. You and your partner each get connected with your own vetted attorney, so your interests are protected from the start. Flat-fee pricing keeps things transparent, and guided support helps you document income, debt, and other financial details. No surprises, no missed steps.

The Best Time to Get a Prenup

Where does a prenup fit in your timeline? A prenup needs to be completed before your wedding. This timing detail is one of the 7 must-knows before getting a prenup. The road to a prenup starts by discussing your prenup goals and concerns with your significant other. 

Remember, a prenup is part of long-term financial planning and protects you and your future financial stability. With a prenup in place, you can start building a future based on shared financial goals and values. 

When you’re ready, contact Neptune. We are a prenup concierge service dedicated to making the process simple. We can guide you and connect you with family law attorneys who understand your needs and can help tailor your prenup to your relationship.