Understanding the Largely Unknown Postnuptial Agreement – What You Need to Know
Did you know there was such a thing as a postnuptial agreement? In this post we delve into this widely unknown legal agreement, its limitations, and the benefits it can provide to married couples in New York.
Many people do not know about the postnuptial agreement, or how it differs from the popular prenuptial agreement. Many of our clients are under the misconception that they are given the same protections with a postnuptial as they are with a prenuptial agreement. But there are differences. A prenuptial agreement protects all assets an individual had prior to entering a marriage. A postnuptial agreement covers all the disclosed financial assets two spouses own, including separate and marital property. It then defines the rights each spouse has during the marriage and how assets will be divided in the event of divorce or death.