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A New York prenuptial agreement outlines the financial, debt, and property responsibilities of each spouse in the event of a divorce. It protects assets such as businesses, inheritances, real estate, and children from previous marriages. However, prenups cannot dictate child support or custody arrangements. They serve to streamline court processes during divorce. The video highlights the Uniform Premarital Agreement Act, established in 1983 to standardize prenup laws nationwide, noting that New York is among the 22 states that have not formally adopted its version. Viewers are encouraged to access a New York prenup template and subscribe for more legal resources from e-forums, a leading database for legal documents.