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Stipulations that may void your New York prenup

Individuals with high-valued assets stand to lose a large amount of property in the event of a divorce. For that reason, many institute prenuptial agreements before saying "I do."

It is important to understand and follow the requirements for the agreement for it to stand up in court. There are a few stipulations a prenup must follow for it to be valid in the state of New York.

Full disclosure

Before two parties draft a prenuptial agreement, both have to fully disclose all their assets. If an individual hides or omits certain assets that come to light after the prenup is in place, such a discovery may automatically void the prenup. Therefore, it is best to provide information on all assets up front and denote in the agreement how to handle those assets should divorce occur.

Voluntary and fair

Both parties must agree to and sign the prenup willingly for it to stand. Also, the agreement should be fair and not lopsided. If a party comes into the marriage with a larger amount of assets, she or he may receive more should the marriage dissolve; however, the other party should not be left with pennies. An attorney may be able to help create a reasonable split the courts will approve of. Some couples may also choose to sign the agreement in front of a judge to show both parties agree voluntarily.

Written

In the state of New York, the courts utilize the Uniform Premarital Agreement Act, which outlines all the requirements for a prenuptial agreement to be valid. Being that it is a binding contract being set in place long before its use, it must be in writing. Not only that, but both parties must also sign the agreement. 

By understanding and abiding by these stipulations, you can create a prenup that will stand in the case of divorce. Take some time to become familiar with the laws and process so you may make the best decision for you.

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