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A New York pre-nuptial agreement outlines the financial and property rights of each spouse in the event of a divorce, protecting assets such as businesses, inheritances, and real estate, as well as considerations for children from prior relationships. However, prenups cannot modify child support and custody arrangements. These agreements can help avoid lengthy court battles during divorce proceedings. The video will cover the signing requirements under the Uniform Pre-Marital Agreement Act and factors that may render a prenup invalid. Additionally, viewers are encouraged to access a template for a New York prenup and subscribe for more legal content from e-forums, a comprehensive database of legal documents. The Act was introduced in 1983 to standardize prenup laws nationwide, but New York has not formally adopted a version of it.