While some couples in New York executed a prenuptial agreement prior to marrying, not every couple had the chance or desire to do so. Does that mean they cannot execute any type of marital agreement regarding their property and assets after they marry or if they are facing divorce? In addition to prenups, New York recognizes postnuptial agreements, separation agreements and marital settlement agreements.
Postnuptial agreements address many of the same legal issues prenuptial agreements do. The difference is that a postnuptial agreement is entered into after a couple is married rather than before. Postnuptial agreements can address the division of assets and debts in the event of a divorce. Having these issues worked out ahead of time can be beneficial should the couple eventually divorce.
Sometimes a couple in New York want to separate temporarily without necessarily divorcing. These couples will benefit from executing a separation agreement. Separation agreements can address child custody and visitation, alimony and property division. This gives a couple some breathing room while they consider whether to divorce while still providing them with some ground rules on how they want to parent and manage their finances and assets while separated.
Marital settlement agreements
In a marital settlement agreement, the spouses agree to divorce and settle their divorce legal issues without going to court. Marital settlement agreements are also referred to as a stipulation of settlement. Marital settlement agreements can cover all divorce legal issues, including the division of assets and debts, alimony, child custody and visitation and alimony.
Marital agreements and divorce
Any marital agreement must be reasonable, fair and must it not be unconscionable in order to be enforceable. A well-drafted postnuptial agreement, separation agreement or marital settlement agreement can help a couple settle a divorce in a way that is constructive, meaning both spouses are able to move forward on solid footing.