New York Prenuptial Property Agreement Designating Status of Separate and Community Property
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How to fill out Prenuptial Property Agreement Designating Status Of Separate And Community Property?
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FAQ
If you and your partner do not create a prenuptial agreement in New York, the state's default laws will govern the division of property in the event of a divorce. This may lead to outcomes that neither party desires. By considering a New York Prenuptial Property Agreement Designating Status of Separate and Community Property, you can tailor the arrangement to suit your unique financial situations and desires, providing clarity and peace of mind.
New York is a non-community property state. Like another dozen states in the USA, NY follows the theory of equitable distribution. And while each spouse owns the income they earn during the marriage as well as the right to manage the property in their name, during the divorce one doesn't simply get 50 % of the assets.
Since New York is an equitable distribution state, any property acquired during the marriage, known as marital property, must be divided fairly in a divorce. However, spouses' separate property, or property acquired before marriage, remains separate.
You can also use your prenuptial agreement to decide which of your assets are separate property and which are marital or community property. Such agreements change your spouse's right to inherit that property when you die.
In California, there is a presumption that property acquired during the marriage is "community property," which means the property is owned by both spouses equally (unless one spouse acquired it through an inheritance or gift).
Under New York State law, generally speaking, separate property is defined as property acquired by an individual prior to marriage, and marital property", in the absence of a prenuptial agreement, is defined as property acquired by one or both spouses during the marriage, irrespective of whose name the asset is in.
A prenuptial agreement cannot include personal preferences, such as who has what chores, whose name to use, where to spend the holidays, information on child-rearing, or what relationship to have with specific relatives. Premarital agreements are meant to address monetary issues.
Under New York's divorce laws, courts only divide marital property, and spouses gets to keep their separate property. Marital property includes all property acquired by either or both spouses during the marriage, regardless of who bought it.
Any assets acquired before the marriage are considered separate property, and are owned only by that original owner. A spouse can, however, transfer the title of any of their separate property to the other spouse (gift) or to the community property (making a spouse an account holder on bank account).
marital asset will be considered to be a contribution of the person who bought that asset into the marriage. There is a principle in law known as the erosion principle, which means that over time the value of the initial contribution reduces and the contribution of the other person increases.
