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January 11, 2020

Prenups in New York: The Basic Facts

A prenuptial agreement is a written contract between two people that is entered into before marriage and takes effect upon marriage. This document has become more popular as couples realize the importance of clarifying expectations and setting a good foundation for communication about finances (and other issues) before the marriage.

Each couple has a unique set of goals and issues to be addressed and the prenup can be specifically tailored with that in mind. Without a prenup, state laws dictate who owns the property acquired during the marriage as well as what happens upon the dissolution of the marriage.

Why get a Prenup? Continue Reading

July 18, 2019

Win, Lose, or Draw Up an Agreement!

by Deborah Hope Wayne

You may have heard the recent story of a Michigan man who won an $80M lottery jackpot being ordered to split the money with his estranged wife (you can read the story here). When the man bought the ticket back in 2013, the couple had already been separated for about two years. The ticket won as the couple was still separated and in the process of obtaining a divorce. The couple had agreed to use an arbitrator for their divorce. In the case of the lottery winnings, the arbitrator noted that because “losses throughout the marriage were incurred jointly, so should winnings be shared jointly.” With the after-tax winnings totaling roughly $38M, the arbitrator awarded the wife $15M. Upon review of the appeals court, no errors were found. Continue Reading

June 1, 2019

Prenuptial Agreements: What should your agreement cover?

by Deborah Hope Wayne

Prenuptial agreements (“prenups”), much like relationships themselves, are not “one size fits all.” Each couple has a unique set of goals and issues to be addressed. The content of a prenup reflects these individual objectives. People hesitant about obtaining a prenup often conflate the idea with certain common misconceptions and opinions. One sentiment often brought up is the notion that prenups only prepare for divorce. However, the principal goal of a prenup is to clarify expectations about the couple’s future regardless of whether there is a divorce. I have written in the past about the benefits of prenups for all kinds of couples. A prenup can act as a platform for compromise, while allowing couples to be proactive about their future, the management of their assets, and the expectations for their lifestyle. Once a couple does decide to obtain a prenup, what should the agreement actually cover? Continue Reading