Legal Question in Family Law in New York

Re: Keeping part of equity of a house in postnuptial agreement

These questions are always fun. First, congratulations on your marriage. My best wishes for a long and happy life together.

Now, about your question; this requires a little backround on 'Domestic Relations Law' and I will be short and keep it simple.

(1) In case of disaster and you get divorced, everything you owned before you got married will stay yours and everything else is put into a pot called the 'marital estate' and divided equally between you.

(2) This brings up the question of: was the 20% yours before you became married? If not, then there is no problem and you will each own 1/2 of the co-op. If it was 100% yours before the marriage, this matter can be handled in several ways.

(a) The simplest way is to 'co-mingle' the funds. This is very easy. Take the money and put it into a bank account owned by both of you. The money is now 'co-mingled' and therefore 'marital property' and she owns 1/2 of it and 1/2 of the co-op the money buys. Very simple and easy.

(b) The problem can be solved a second way by drafting a contract. A pre-nuptual agreement is a contract that comes before the marriage. But you can write a contract to accomplish the same thing after the marriage. It just gets a different name. A written contract giving her 1/2 interest in case of divorce in the co-op will be an effective tool to solve your problem.

My fee for drafting such a contract would be $250.00.

You are welcome to a consultation for no fee.

Re: Keeping part of equity of a house in postnuptial agreement

You can achieve the same results with both a pre-nup or a post-nup agreement,if artfully drawn up. The cost of such an agreement varies with it's complexity. I would need more details concerning all of your objectives before being able to construct a fee .For more information you may call my office for a free phone consultation @718-834-0087.

Re: Keeping part of equity of a house in postnuptial agreement

Is a post-nup just as enforcable/valid as a pre-nup?

Answer: Yes

There are numerous methods of addressing the "equity" issue. One reasonable method, and probably the most fair, is to calculate the amount paid by each of you in comparison to the total paid by both of you together - this will give you a fraction for a pro rata distribution of the equity in the event of a divorce.

These agreements generally cover numerous issues including what property and debt would be considered to be separate (debts, assets and business interests that preexisted the marriage) and what property would be considered to be marital; what arrangements would be made in the event you have children; how future acquired property will be handled, etc.

Generally, such agreements are prepared in conjunction with mutual wills and health-care proxies (health care decisions for a party who is unable to express a decision). However, considered separately, the fee is $1,500 for the first draft which will be prepared after an initial meeting where the necessary information will be obtained from you. Subsequent changes or additions will be billed at the rate of $350 per hour. Basic mutual wills and health-care proxies would cost an additional $1,000.

If you wish to arrange an appointment to prepare your agreement, please call us at 212-267-7000

Re: Keeping part of equity of a house in postnuptial agreement

You can make provision for the distribution of assets if and when the marriage terminates (death or divorce) in a post nuptual agreement.

Daniel Clement

Re: Keeping part of equity of a house in postnuptial agreement

You can probably get what you want out of a post-nup. Post-nups are generally enforceable, as are pre-nups, assuming there is no fraud or deceit involved and they are fair when entered into. I would need to know more about your situation before giving specific advice or quoting a fee, but my office charges $1000 to $5000 to draft and negotiate such agreements, based on our estimate of the time required. Feel free to call me at 212-255-4414 to discuss further.