Experienced Syracuse Family Law Attorney Drafts Marital Agreements
Central New York lawyer prepares prenuptial and postnuptial documents
At Bombardo Law Office, P.C. in Syracuse, I help my clients set up prenuptial and postnuptial agreements that are fair and acknowledge the key considerations of both partners. With more than 27 years of experience drafting and negotiating New York marital agreements, I provide individualized guidance based on the specific needs and assets of each client. I rely on my background as a divorce attorney to establish prenuptial and postnuptial agreements that are designed to hold up if tested in court.
What is included in a prenuptial agreement?
A prenuptial agreement is a multi-purpose agreement, stipulating all of the following:
- What belongs to whom if the parties do not marry
- What will stay separate and what will co-mingle if the parties do marry
- What will belong to whom should the marriage end
Part of what a Syracuse prenuptial agreement attorney includes in this type of agreement is an enumeration of divisions and protections. It is the mechanism by which increases in one party’s premarital assets do not become marital property or property over which the other party may have a claim. The agreement can also state that certain assets are shared, parts of certain assets are shared, or prescribe what will happen to assets upon each party’s death. These agreements deal with a variety of items, including:
- Estate rights
- Insurance policy beneficiaries
- Retirement account beneficiaries
- Business interests
- Property not yet owned by either party (both real and personal property)
- Assets purchased by one party during the marriage or relationship
- Property owned prior to the marriage
There is often a provision to protect a non-monied spouse if the monied spouse dies. This can take the form of a life insurance policy or be included as part of estate planning in the prenuptial agreement itself.
Potential reasons for creating a postnuptial agreement
A postnuptial agreement is a written contract executed after a couple is married. Like a prenuptial agreement, these documents may include provisions addressing property division and spousal support in the event of a divorce.
Among the common reasons people choose to create postnuptial agreements are:
- Receipt of inheritance — If one spouse receives a significant inheritance during the marriage, he or she may want to use part of the inheritance to benefit the family, such as by purchasing a new house, and part of the inheritance to benefit him or herself, such as by buying a dream car. A postnuptial agreement can clarify how much, if any, of the inheritance should be considered part of the marital estate. If no part of the inheritance is confirmed as separate property, it may become marital property depending on how it is used.
- New business ownership — One spouse may choose to launch a business for which he or she has sole financial responsibility. A postnuptial agreement can designate a new business as the separate property of one spouse instead of as marital property.
- Shifts in the marriage — Some couples choose to create a postnuptial agreement when one spouse decides to leave the workforce to become a primary caregiver, or as a condition of staying in the marriage after a spouse cheats. The agreement can include terms to ensure that a spouse who makes sacrifices for the marriage is accommodated financially if the marriage ends.
- Estate planning — People who marry after having children with previous partners may use a postnuptial agreement to stipulate that their children should inherit assets that would otherwise be inherited by the spouse. A major benefit of postnuptial agreements is that instructions included in the agreement override statutory estate rights and statutory requirements for beneficiaries on various accounts to which a spouse would otherwise be entitled.
As a committed family attorney with a long history of advising married individuals in Syracuse and throughout New York State, I can draft a postnuptial agreement suited to your relationship and situation.
Contact a knowledgeable Syracuse marital agreements attorney to schedule a free consult
At Bombardo Law Office, P.C. in Syracuse, I help Central New York clients draw up prenuptial agreements and postnuptial agreements tailored to their needs. To schedule your free consultation, call 315-488-5544 or contact me online.