Is Full Financial Disclosure Required For A New Jersey Prenup?
There is still quite some stigma regarding prenuptial agreements, but these legal documents can be extremely helpful for couples both during and after their marriage. Prenups aren’t just for high-net-worth couples; they can be essential for couples of any economic status to protect their assets. To create a valid and legally-binding prenuptial agreement in New Jersey, both parties need to provide financial disclosure. Many couples wonder what exactly full financial disclosure entails for a prenup. Thankfully, our firm has the answers you need! Continue reading or reach out to one of our Marital Agreement Attorneys in Morris County, NJ today to learn more.
WHAT IS FULL FINANCIAL DISCLOSURE FOR A PRENUP?
The purpose of a prenup is for a couple to figure out how their property/assets will be managed during the marriage and how these assets will be divided in the event of a divorce. Full financial disclosure is essentially when both parties identify all of their assets, debts, income, and prospective inheritance when deciding on the terms of their prenuptial agreement. Full financial disclosure is necessary to ensure all your assets are protected both during and after the marriage. Omitting financial information can be detrimental to a prenup because doing so can make the terms of the agreement invalid or irrelevant. Most couples include financial disclosure in their prenups by attaching a “financial schedule” to the end of the legal agreement. A financial schedule is essentially a document that details each party’s finances.
WHY IS IT NECESSARY?
Financial disclosure is necessary to ensure your prenuptial agreement is legally valid. In a situation where a spouse purposefully leaves out some assets from a prenup, a court can determine the document to be illegitimate. You can even be charged for committing a fraudulent action. Ensuring a valid prenup is extremely important, especially in today’s day and age. If a married couple gets divorced without a prenuptial or postnuptial agreement in place, the court will likely have to decide how their assets will be divided between them. If you’re getting married soon, you should take control of your assets by asking your spouse to sign a valid prenup.
Are you in the process of creating a prenuptial agreement with your future spouse? Are you seeking an experienced family law attorney who has your best interests in mind? Look no further because Townsend, Tomaio & Newmark, LLC is here to help! Contact our effective team today for an initial consultation.