Duty of financial disclosures in prenuptial and postnuptial agreements in New York. Kiritsis Law
One of the most common reasons for have prenuptial and postnuptial agreement become legally invalidated/challenge, is due to inadequate financial disclosure by one or more of the parties.
Why is the financial duty disclosure requirement so important?The rationale between the perceivibly heightened duty of parties to disclose their finances is based on the view that spouses are fiduciaries to each other.
Ways to be compliant with disclosure requirements.Although, there is no cookie cutter approach, some tips in drafting a legally valid prenup/postnup agreement with regards to this issue may include: a) Have detailed exhibits, b) allow for adequate time for financial analysis by each counterparty, c) retaining the services of a competent team of professionals.