Marriage Agreement in NYC: Why You Need One

Marriage is a beautiful union, but it isn’t without its complexities. While the idea of sharing your life with someone you love is heartwarming, the reality is that marriage also involves legal and financial obligations. That’s why a marriage agreement, commonly known as a prenuptial agreement, is essential, especially if you live in New York City.

A marriage agreement is a contract that two people sign before they get married. It outlines the division of assets and debts, spousal support, inheritance rights, and other important financial matters. The agreement ensures that both parties are aware of their rights and responsibilities in case the marriage ends, either through divorce or the death of one spouse.

In New York City, the importance of a marriage agreement cannot be overstated. NYC is a high-cost-of-living area, and the cost of divorce can be staggering. According to a study by the Independent, the average cost of a divorce in NYC is over $17,000. Without a marriage agreement, divorcing couples may end up fighting over assets, causing additional emotional and financial distress.

Moreover, NYC is an equitable distribution state, which means that in the absence of a marriage agreement, marital property is divided equally in divorce. This includes all property acquired during the marriage, regardless of who paid for it. A marriage agreement allows couples to decide their own property division, which could prove beneficial for those with significant assets or complex financial situations.

A marriage agreement can also protect each spouse`s future financial well-being. For example, if one spouse has a substantial inheritance, a marriage agreement can ensure that those assets remain separate property and are not subject to division in the event of a divorce or death. The agreement can also outline spousal support, eliminating the need for lengthy court battles.

Overall, a marriage agreement is a tool that helps couples plan for a successful future. It allows both parties to enter into marriage with a clear understanding of their legal and financial obligations, which can help reduce stress and conflict in the event of a separation. If you’re planning to get married in New York City, consider discussing a marriage agreement with your partner and consulting with an attorney experienced in family law and matrimonial matters.