Legal Question in Family Law in New York
2nd Marriage - Do I need a pre-nuptual?
Hi
I am planning on remarrying in the next month. I am divorced and have 2 children, ages 21(attending college) and 11 living with me. I am the sole owner of my own home, approximate value of $190,000. My equity is approximately $80,000.
Question: Do I need a prenuptual, or would the laws in New York State, concerning pre-marital property kick in? If I die, I have a will and it states my children get the proceeds of the house. If I get divorced, I believe NYS recognizes pre-marital assets. I think I am covered under both circumstances, but I am not sure. Any advice would be appreciated.
thanks.
3 Answers from Attorneys
Re: 2nd Marriage - Do I need a pre-nuptual?
Prenupual contracts are in my opinion always a good idea because they eliminate the possibility of confusion or mis communication. If your fiancee is willing I definitely would execute such a contract for the protection of both of you and your offspring. You may contact my office to set up a consultation @718-834-0087.
Re: 2nd Marriage - Do I need a pre-nuptual?
While no one "needs" a pre-marital agreement, for a second marriage when there are significant assets involved it is always a good idea to have an agreement in case, so that there are less issues of contention should a problem arise in the future.
You are correct that New York recognizes independently accumulated marital assets however this becomes trickier when you are talking about a house which was owned independently by a spouse prior to the marriage but becomes the marital home, it may well be that the house becomes merged as marital property if used during the course of the marriage by the couple. Similarly, your spouse may continue to own rights in the house as part of the marital estate should you pre-decease your spouse.
Should you like to discuss this or any other legal matter, I can be reached for on-phone low-cost legal consultation at 1-800-275-5336 x0233699
Re: 2nd Marriage - Do I need a pre-nuptual?
Once you marry, that will may not protect the house for your children. In NY, you can not cut your spouse out of the will or if you leave him too little he has the "right of election" and can claim part of your Estate. If you die and the house is your only asset, your husband can "elect" against it. Do the pre-nup and have him waive any right to your estate.