What to Know About Non-Marital Agreements in New Jersey
To learn more about the benefit of a non-marital agreement, reach out to our skilled New Jersey divorce and family lawyers today. Our legal team is here to help.
What is a non-marital agreement?
Also commonly known as cohabitation agreements, a non-marital agreement is an important tool that an unmarried couple can use to benefit from the same rights and protections a married couple has. Cohabitation agreements protect and account for the individual and joint finances of the couple, and they also award them certain fundamental rights otherwise exclusive to marriage.
However, with a cohabitation agreement, whether you are drafting the initial non-marital agreement, modifying a non-marital agreement, or contesting or affirming the validity of an existing non-marital agreement, the most important part of this process is having an experienced attorney on your side. Reach out to our firm today to learn more about how a non-marital agreement can best serve you and your partner.
What are the benefits of a cohabitation agreement?
An unmarried couple may want to enter into a cohabitation agreement for a number of different reasons. As previously stated, cohabitation agreements can help protect the individual property of both parties in the relationship, but also determine which joint or individually-owned assets should be divided, and how, if the relationship ends.
Not only does this save both parties in the relationship a large amount of time and stress in the event that the relationship does end, but it can also help to strengthen the relationship itself as both parties will feel more satisfied and protected moving forward. Not only do these agreements address the issue of equitable distribution, but they also can also give specific important rights and authorities to both parties in the relationship that are usually only associated with marriage. These additional benefits include the following:
- Granting power of attorney to one or both parties
- Providing each party the ability to be involved in health care decisions regarding their partner
- Allow each party the right to make advanced health care directive decisions in the event of an emergency
- Allow for the parties to add their partner to a health or life insurance policy
With that being said, there are a number of different benefits to making a cohabitation agreement. To learn more, reach out to our firm today and speak with one of our dedicated legal team members.
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At Townsend, Tomaio & Newmark, LLC, our seasoned divorce and family law attorneys ensure that through the process of resolving your family matter, you feel empowered, not overwhelmed. Providing unwavering support, undivided attention, and unflinching advocacy, our team invests in your cause, working tirelessly to pave your path toward a brighter tomorrow. If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.