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The Importance of a Prenuptial Agreement Attorney Before Marriage
It is perfectly understandable to want to protect your assets. By creating a prenuptial or premarital agreement with your fiancé prior to getting married, you have the ability to dictate how your property and income will be distributed – or not distributed – should your impending marriage fail. Especially for second marriages where the couple has accumulated wealth or has children from a previous relationship, premarital agreements are highly suggested.
We understand the subject of prenuptial agreements is not an easy or desirable one to discuss while planning a wedding; but having an agreement in place before entering into marriage can help you avoid even tougher discourse in the event of divorce – especially considering that financial disagreement is one of the leading causes of divorce in the first place.
Why Consider a Prenuptial or Premarital Agreement?
You may want to consider a prenuptial agreement if you:
- Were ever married before
- Have children from a previous relationship
- Earn more money or have more assets than your future spouse
- Have a trust fund or are expected to receive a large inheritance
- Own a business
- Are marrying someone with considerable debt
Addressing the Common Concerns About Prenuptial Agreements
A misconception about prenuptial agreements is that they are confrontational and a sign of distrust, but prenups are in fact a very practical planning tool. Preparing a prenuptial agreement can actually open up discussions about goals and expectations, which can serve to strengthen a couple’s relationship.
Who Should Consider a Prenuptial or Premarital Agreement?
Protecting Assets in Second Marriages and Blended Families
A prenuptial agreement is essential for couples entering into a marriage with children from another relationship. An agreement can minimize future disputes by preserving assets intended for an individual’s children, while also providing for a new spouse.
Safeguarding Inheritances, Businesses, and High-Net-Worth Assets
Entering into a marriage with substantial assets, or an inheritance, can certainly complicate matters. A prenuptial agreement can ensure that your assets are protected, and help you to avoid confusion or costly disputes in the future.
Managing Existing Debts and Financial Responsibilities
A clearly written prenuptial agreement can define how financial responsibilities will be managed during the marriage and prevent one spouse from unintentionally being responsible for the other spouse’s debt.
What a Prenuptial Agreement Attorney Can Help You Define
DeTorres & DeGeorge Family Law Attorneys can help you and your partner create a prenuptial agreement that defines:
Clearly Defining Marital vs. Separate Property
Clearly defining separate assets and debts prior to a marriage as separate property, and defining all assets and income obtained during the marriage as marital property, can help avoid any disagreements or confusion in the future. A prenuptial agreement should also address how appreciation of assets and future acquisitions will be treated.
Asset Distribution in the Event of Divorce
In a prenuptial agreement couples can address how assets will be divided in the event of a divorce, including how marital property will be valued and what each spouse will be entitled to.
Spousal Support (Alimony) Provisions
Spousal support can also be addressed in a prenuptial agreement, specifying whether support will be paid, and also addressing limits on duration, conditions for modification and any circumstances under which support may be waived.
Protection from Future Debts
Couples can choose to define debt responsibility as well, specifying that personal loans, credit cards, or business obligations remain the separate responsibility of the spouse who incurred the debt,
The New Jersey Law on Prenuptial Agreements: Ensuring Enforceability
Legal Requirements for a Valid Prenuptial Agreement in NJ
Prenuptial agreements in in New Jersey will need to be drafted in accordance with the NJ Prenuptial Agreement Statute, which states the agreement must be in writing, signed by both parties, include a full financial disclosure of assets and debts, and that you must enter into the agreement voluntarily.
The Importance of a Prenuptial Agreement Attorney Before Marriage
It is perfectly understandable to want to protect your assets. By creating a prenuptial or premarital agreement with your fiancé prior to getting married, you have the ability to dictate how your property and income will be distributed – or not distributed – should your impending marriage fail. Especially for second marriages where the couple has accumulated wealth or has children from a previous relationship, premarital agreements are highly suggested.
The Role of Independent Legal Counsel
It is not mandatory for both parties to retain counsel to review the agreement, but it is strongly recommended.
Secure Your Future With the Best New Jersey Prenuptial Agreement Attorneys
Without the existence of a prenuptial agreement, your spouse typically has the right to equitable distribution of any shared property that was acquired during your marriage, and you may find yourself responsible for your spouse’s debts or for alimony. To avoid the potential for a stressful and costly divorce process down the line, it is in your best interest to create a prenuptial agreement ahead of time.
If you wish to create a prenuptial agreement or have any questions about the process, call us today to schedule a consultation at 908-304-9679.
