What do I Need to Know About Prenuptial Agreements in New Jersey?
When a person gets married, it is an exciting time in their life. However, it takes great preparation to get to that day. For many people, this can include drafting and signing a prenuptial agreement. Often known as a prenup, this is a document between two future spouses that allows them to settle how their assets would be divided in the event that they choose to divorce in the future. This must be signed before the marriage occurs.
While it can be uncomfortable to discuss the idea of a prenup, once it is done the topic no longer needs to be discussed again. During the drafting process, it can be beneficial to retain the services of an experienced New Jersey divorce attorney to make sure all your bases are covered and no mistakes are made.
Why is a Prenuptial Agreement Beneficial?
Going through a divorce is often a long and complicated process. While no one wants to enter their marriage thinking about the possibility of a divorce, the reality is that some marriages do not always last, and it is better to be prepared than not. Divorce without a prenuptial agreement can often result in one spouse losing many of their hard-earned assets or inheritances.
With a prenup, spouses are able to protect their assets and prevent this from happening in the event that they divorce. Prenuptial agreements can cover several terms, including:
- The rights of both spouses to join and separate their property during or after the marriage
- The rights of both spouses to buy, use, transfer, sell, exchange, abandon, or manage specific assets or properties in the marriage
- Potential child custody or visitation issues
- The details of spousal support in the event of a divorce
- The division of property in the event of a separation, divorce, or death
- Handling and owning life insurance policies
- Any other issues regarding personal rights and obligations
How do I Know if my Prenuptial Agreement is Official?
It is important to know that there are certain guidelines that must be followed when creating a prenuptial agreement. This ensures the document is legal and can be used if it is necessary. The guidelines are as follows:
- The document must be in writing
- Prenups must include a full disclosure at the time of execution
- All prenups must be notarized
- The document must be fair and just for both parties
- The agreement must be executed before the marriage
Spouses who are already married cannot create a prenuptial agreement. Instead, it is possible to draft a postnuptial agreement. This document is the same as a prenup, except it is created after the marriage occurs.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.