When a couple gets married in New York, they are legally entering into an “economic partnership.” Thus, absent a clear indication to the contrary, courts assume that the couple agrees on certain default rules regarding the couple’s assets. However, not all relationships are formed on the same set of expectations and many couples find that the process of drafting and executing a New York prenuptial agreement is beneficial, in that it requires the couple think about difficult issues that may not otherwise have come up.
A prenuptial agreement is a contract between prospective spouses that clarifies what will happen with the individual and marital assets if the marriage ends, either by death or divorce. Without such an agreement, New York’s default rules will apply, which may not result in a satisfactory outcome for some couples.
Unfortunately, New York prenuptial agreements have a negative connotation, and one spouse’s suggestion that the couple enters into a prenuptial agreement is often met with skepticism from the other spouse (and potentially that spouse’s friends and family). However, drafting a prenuptial agreement is more about providing clarity to both parties in the event that the marriage ends.