When many couples get married, they understandably do not spend much time thinking about what may happen if the marriage eventually comes to an end. Unfortunately, however, divorce is something that many couples in New York ultimately have to face, including LGBTQ+ couples. If you are getting married and wish to protect certain assets, financial interests, or property from future disputes, you may be wondering whether a prenuptial agreement can help safeguard you if you ever go through a divorce later on. In many cases, the answer is yes. Please continue reading and reach out to an experienced Buffalo LGBTQ+ family law attorney to learn more about how a prenuptial agreement may protect couples and why these agreements are often worth considering before marriage. Here are some of the questions you may have:
What can a prenuptial agreement protect in an LGBTQ+ New York divorce?
A prenuptial agreement is designed to establish how certain financial matters will be handled in the event that a marriage ends in divorce. Though many people associate prenuptial agreements strictly with wealthy individuals, the truth is, couples from all financial backgrounds frequently use these agreements to avoid uncertainty and future conflict. Some of the assets and interests a prenuptial agreement may protect are as follows:
- Property acquired before marriage
- Retirement accounts and pension benefits
- Investment portfolios and stock holdings
- Businesses or professional practices
- Future inheritances
- Certain marital debts
- Real estate holdings
- Spousal maintenance provisions
Why might LGBTQ+ couples specifically benefit from a prenuptial agreement?
Though LGBTQ+ couples generally have the same legal rights as any other married couple in New York, there are still certain circumstances that can make financial issues more complicated during divorce proceedings. In many cases, couples entered long-term committed relationships years before marriage equality laws changed, which means there may be extensive financial histories involved that predate the marriage itself. Some examples of issues that may arise can include:
- One spouse financially supporting the other before marriage
- Shared ownership of property purchased before marriage
- Unequal retirement contributions due to career sacrifices
- Jointly owned businesses
- Assisted reproduction or family planning expenses
- Questions regarding separate versus marital property
What makes a prenuptial agreement enforceable in New York?
Of course, not every prenuptial agreement will automatically hold up in court. For a prenup to be considered valid and enforceable in New York, several requirements generally must be met. Typically, a valid prenuptial agreement should meet the following standards:
- The agreement must be in writing
- Both parties must voluntarily sign the agreement
- The agreement must be properly notarized
- Both parties must fully disclose their finances
- The agreement cannot be unconscionable or grossly unfair
It is also important to understand that courts generally will not enforce provisions involving child custody or child support if those terms are not in the child’s best interests at the time of divorce.
At the end of the day, while nobody enters a marriage expecting it to fail, many couples still understand the importance of preparing for the unexpected. If you and your future spouse would like to craft a comprehensive prenuptial agreement, please don’t hesitate to contact Raimondo & Sundquist LLP today.
