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A New York prenuptial agreement outlines financial responsibilities, debts, and property ownership for each spouse in the event of divorce, providing protection for businesses, inheritances, real estate, and children from previous marriages. However, prenups cannot modify child support or custody arrangements. They aim to prevent prolonged court disputes during divorce proceedings. The video discusses the Uniform Pre-Marital Agreement Act's signing requirements in New York and reasons a prenup may be invalid. It mentions that this act, created in 1983 to standardize prenup laws nationwide, has not been formally adopted in New York, which is one of 22 states without its version. Viewers are encouraged to access a prenup template and subscribe for more legal content.
