What is a marital property agreement?

A marital property agreement is a legal contract between two married people that sets out how their joint and separate assets, debts, and other property will be divided in the event of a divorce. In New York, a marital property agreement is also known as a “prenuptial agreement” because it is often signed before the marriage takes place. However, the agreement can be signed at any point in a marriage. Under New York state law, both spouses must make a full disclosure of their assets and debts prior to signing the agreement. The agreement must be in writing and signed by both parties voluntarily to be valid. The agreement should also include provisions regarding the rights of the parties in the estate of the other in the event of death. In the event of a divorce, the court will usually honor and enforce the terms of the marital agreement. However, the court also retains the right to review and modify the agreement if it determines that it is not fair or reasonable. Further, if the court finds that one spouse was not given the opportunity to make an informed decision about the agreement or was subject to fraud or duress during the negotiation process, the agreement may be invalid.

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What is a marital property agreement?

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