The Benefits of Having a Prenuptial Agreement
Prenuptial agreements often carry a somewhat negative connotation amongst newlyweds or couples soon to be married. Many of these people believe that by signing a prenuptial agreement, or even discussing one, you are saying you believe your marriage will eventually fail and result in a divorce.
The truth of the matter however, is that prenuptial agreements are a prudent, and financially savvy measure for any couple to take. As much as it can be difficult to discuss or even fathom the idea of a divorce, about 50% of all marriages in the United States end in divorce, and even if you never plan on divorcing, there is no reason to not at least be financially prepared for such an eventuality. Below are some of the most important advantages having a Morris County prenuptial agreement can offer.
Mendham Divorce Lawyer discusses “Asset Protection”
One of the principal purposes of a prenuptial agreement is to protect individual property and assets from marital asset division during a divorce. Even if you privately owned a business, for example, before entering into marriage, most often during the course of your marriage your spouse will make contributions to the marriage which benefit the business in one way or another. Whether it be actual time spent working on the business, personal sacrifices on the part of your spouse to allow you to continue focusing on your business, or any other efforts made during the marriage which allowed or helped you to work, these contributions will most likely give your spouse the ability to claim the business as marital property during a divorce, and as such subject to equitable distribution.
By working with an experienced Mendham prenuptial agreement attorney, you can draft a prenuptial agreement which protects these separate interests such as businesses, investments, and properties, from marital asset division. While you certainly never hope to have to use your prenuptial agreement, there is no reason to not have one in place in order to protect your separate property.
Chester Divorce Attorney discusses “Reducing Costs of Divorce”
Another important benefit a prenuptial agreement can provide to couples is to significantly reduce the cost of divorce should one ever become necessary. Many of the most contentious issues during a divorce such as asset division, alimony, and even child support and child custody, can be decided in your Chester prenuptial agreement. The less time it takes to decide these issues, the less you will have to spend on divorce litigation. By having a plan for these important issues already in place, you and your spouse can save a great deal of time, stress, and money in the worst-case scenario of a divorce.
Chatham Divorce Lawyer discusses “Peace of Mind”
Knowing that you and your spouse are beginning your life together prepared and protected can give you confidence in your future. You and your spouse are able to discuss difficult but critical issues in an adult manner, and if you can do this you can defeat even the most difficult of problems that life can present you. Having peace of mind and confidence about your future, and your future as a couple, is an important part of any successful relationship. While this last point is not about saving money or protecting assets, it may still be the most important of all.
Contact Our Morris County Prenuptial Agreement Attorneys Today
At The Law Office of Townsend, Tomaio & Newmark, our family law attorneys have extensive experience helping couples across Mendham, Chester, Chatham, Morristown, and the greater Morris County area to responsibly prepare and draft prenuptial agreements of all kinds.
Just because you and your partner plan for the worst-case scenario, doesn’t mean either of you expects or wants it to happen. Being prepared is simply an intelligent step that every couple should take, for all of the many reasons already discussed above.
To speak with our office today in a free and confidential consultation regarding your prenuptial agreement needs and concerns, please contact us online or through our Morristown office at 973-840-8970.