The Colwell Law Group, LLCN/a
The Colwell Law Group, LLC 200 Great Oaks Blvd,(518) 213-4204
Albany, NY 12203 Get Directions
Albany, NY 12203 Get Directions
Whether your marriage has hit a rough spot, or you are merely looking to the future, you may want to know how you can protect your rights to the assets that you have accumulated. You also may want to arrange for spousal support or avoid taking on debt that belonged to your spouse before marriage. An Albany postnuptial agreements lawyer could advise you of your options in executing one of these contracts to achieve these objectives.
Working with legal counsel to understand the various alternatives for postnuptial agreement provisions can be crucial. With the guidance of a marital agreements attorney, you may put yourself in a better position to have a legally valid and enforceable contract.
Postnuptial agreements are similar to prenups, except that spouses sign these contracts after getting married. Both spouses must disclose all property that they own, including real estate, bank accounts, vehicles, and retirement or investment accounts. In postnuptial agreements, spouses outline their rights and responsibilities as to each item of property and how they will be divided if specific events occur, such as divorce or death.
Although state law has provisions for how marital and separate property are divided during a divorce, a valid postnup may contain an alternate plan for the division of property. Instead of leaving issues related to property division to a judge, postnuptial contracts allow spouses to predetermine the division of their assets. As a lawyer in Albany may advise, postnups may provide a level of security and certainty in an otherwise stressful situation.
These agreements must meet various requirements to be valid under state law. First, both spouses must fully and fairly disclose all assets, regardless of its characterization as separate or marital property. Failing to disclose or otherwise conceal property may lead to a court invalidating an agreement.
Individuals who enter a postnup must sign it with the same formalities as if they were signing a property deed. Therefore, both spouses should receive independent legal advice from separate attorneys before signing a postnuptial agreement. Taking these steps with the help of a postnup agreement attorney in Albany could help ensure that the terms of the agreement are fair and that both spouses understand the repercussions of the document that they are signing.
Postnups also can be invalid if one spouse uses coercion or duress to get the other to sign the agreement. For instance, if the spouse proposing the contract gives the other only a few days to get legal advice and sign it, duress may exist. Similarly, if an individual threatens to their spouses to cause them to sign the agreement, the contract likely is unenforceable.
One major issue that postnuptial contracts can address is whether a certain asset is marital or separate property. Postnuptial agreements should specifically designate anything that is the separate property of either spouse. However, even with a postnuptial agreement, spouses should maintain separate property in their respective names and keep it apart from marital assets.
Postmarital agreements also may determine rights to spousal support if a separation or divorce occurs. Some contracts provide for no support, regardless of the circumstances. Other agreements explicitly define the amount and duration of any alimony that one spouse may pay to another.
Debts are another frequent subject of these agreements. If one spouse brings significant debt to the marriage, such as a student loan for an advanced degree, the other may not want to be responsible for this debt if a divorce occurs. A postmarital agreement could determine which debt obligations each spouse may have in the event of divorce.
If you need a postnup to address your financial and other related concerns, you may need the advice of a lawyer. Getting help from an Albany postnuptial agreements lawyer could increase your chances of drafting a contract that reflects your intentions and is legally valid.
Add some certainty and confidence to your situation by adequately planning for your financial future. With a legally enforceable postnuptial contract in place, you will know what you to expect if your circumstances suddenly change.
Seek the help of our experienced legal team today to go over your case and discuss how we can help