Create a Postnuptial Agreement in NY the Right Way
Do you and your spouse wish to outline the division of your combined assets in case of death or divorce? Have you entered the marital contract without signing a prenup? You can draft a postnuptial agreement instead.
Postnuptial agreements can be tricky to create. You have to make sure the contract is fair to both spouses and discloses every asset that you individually or collectively own. If you’re worried that you might miss an essential element of the agreement, DoNotPay has got you covered!
In this article, we will guide you through the process of creating a postnuptial agreement in NY. Subscribe to DoNotPay to learn how to draw up various contracts. Get the best out of your legal documents without paying a small fortune for lawyers!
A postnuptial agreement is a legal contract signed by both spouses. The contract outlines the division of financial assets in case of separation, divorce, or the death of a spouse. Unlike a prenuptial agreement that is drawn up before marriage, a postnup is drafted and signed after the couple has already gotten married. This document is similar to a marital settlement agreement, and it focuses on the financial aspect of the marriage instead of the legal one.
You might consider signing a postnup agreement if you want to:
- Define separate and marital property
- Outline clear division of assets
- Protect yourself from your spouse’s liabilities
- Safeguard your assets from a financially careless spouse
- Secure your children’s inheritance, especially if you have kids from previous marriages
Although New York law clearly states how to divide and distribute property if the marriage ends, a valid postnup agreement supersedes it. The contract has the power to transfer control over your property in your hands instead of handing it over to the state.
If you want to create a postnup agreement yourself, here are a few key elements that your contract should cover:
- Information on both parties
- Asset details
- Distribution of assets in case of death or divorce
- Debts, if any
- Children inheritance
- Spousal support and alimony
- 401k accounts
- Pet care
- Legal issues, if any
- Termination of contract
- Signature of both parties
A postnup in New York can only be valid and legally binding if the contract meets the following conditions:
- The postnup needs to be fair to both spouses. If the contract is unjust and favorable towards a single party, it is not legally binding
- Both spouses need to disclose all assets, debts, and income
- The contract must be in writing. Verbal contracts cannot hold in a court of law
- Both parties must sign the contract willingly. If any spouse is coerced into signing the postnup, the court will nullify the contract
- The contract must be notarized by a notary public
If any party fails to honor a postnup, they risk facing legal consequences, such as:
- Specific performance
- Financial compensation
- Termination of contract
If you want to ensure your postnup is written correctly, consulting a lawyer is your safest bet. Since not all people are wealthy enough to pay lawyer fees, an alternative option is to browse for contract templates online. While postnup agreement samples are affordable, sometimes even free, most templates have numerous legal loopholes you might unknowingly overlook.
You might need to lose time and money drawing up a postnup agreement, but you don’t need to go through this kind of trouble for other legal documents! For a low monthly fee, you can create all sorts of contracts in the blink of an eye. All you have to do is follow these simple instructions:
- Sign up for DoNotPay
- Type the name of the document you want to create
- Help us personalize the document by providing your details to our chatbot
That’s it! DoNotPay will draw up the contract, and you can download, print, and sign it.
Take a look at some of the agreements we can make for you:
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If you want to learn more about legal documents, DoNotPay’s knowledge base has learning material about numerous contracts, such as:
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- Arbitration agreements
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