What is the value of a non-marital agreement?

On Behalf of | Nov 29, 2017 | Property Division

New York residents may be aware with the commonly perpetuated myth that the younger generation is hesitant to get married, but this is not entirely true. It is more accurate to say that they are waiting until they are older before tying the knot, as20 percent of people aged 18-30 were married in 2016 compared to 40 percent of Baby Boomers when they were the same age.

Additionally, the younger generation is more likely to live with their partner before getting married. Some experts even point to this as a reason for a lowered rate of divorce. Living together allows the couple to determine if they are compatible or not in the long run. But what happens if, after one of these couples marries, they later decide to divorce? Couples who have lived together for a number of y Simply put, these individuals would be subject to the state’s property division

and alimony laws.

But what about those couples that have been living together for years without marrying? In these instances where couples split, traditional divorce laws don’t necessarily apply with the same force. Therefore, many couples choose to enter into cohabitation or non-marital agreements to protect their assets and debts for the long-term.

Courts generally allow non-marital agreements

between unmarried couples. This means the couple can create contracts similar to a prenuptial agreement, which may detail important family law matters such as property division and the payment of any support should the relationship end.

Just like any marital contact, though, a non-marital agreement must be legally enforceable and fulfill basic legal requirements. In order to ensure that those requirements are met and the document has legal value, it may be beneficial to speak to an experienced family law attorney.