Arons and Solomon | January 29, 2018 | Articles
Nobody wants to think about ending a marriage, especially before it has officially begun. Still, a prenuptial agreement can be a valuable starting point for engaged partners to discuss finances and priorities in their married life together.
Making a thoughtful premarital contract can save time, money, and anxiety in the event of the unthinkable.
What is a Prenuptial Agreement?
A prenuptial agreement is a legally binding contract between two individuals that becomes effective after they are legally married to each other. This type of arrangement can go by many different names, including: prenuptial agreement, premarital agreement, postnuptial agreement, antenuptial agreement, and “prenup.”
Why Have a Prenuptial Agreement?
There are many reasons to have a prenuptial agreement. In some instances, a partner may want to protect personal assets or a large expected inheritance. Business owners may want to shield their business assets from equitable distribution. Others may be concerned about protecting children from a prior marriage.
What’s in a Prenuptial Agreement?
Prenuptial agreements can address any of the following issues:
- Alimony (aka spousal support)
- Choice of law governing the agreement
- Creation of a will and/or trust to carry out the premarital agreement in the event of death
- Division and control of property
- Divisions of assets and investment accounts
- Ownership of premarital debts (mortgages, student loans, credit cards, etc.)
- Rights and responsibilities of both parties in other personal matters, if they do not violate public policy
Child support and custody cannot be included in a prenuptial agreement.
Is a Prenuptial Agreement Right for Me?
Premarital agreements aren’t just for celebrities. If you have been previously married, own a business, or have children with a prior partner, you are a good candidate for a prenuptial agreement. If you have significantly more assets or debt than your future spouse, you are also a good candidate for a prenuptial agreement.
If you are experiencing general anxiety surrounding the idea of a financial merger with your spouse, you could be a good candidate for a prenuptial agreement.
Hire a New Jersey Family Law Expert
New Jersey prenuptial agreements are governed by complex laws and requirements. They require a written document, with complete financial disclosures, signed by both parties in the presence of an appropriate witness. If done incorrectly, the validity of these agreements can and will be challenged in court.
The Arons & Solomon team holds decades of experience in drafting, reviewing, and litigating prenuptial agreements. We will make sure your prenuptial agreement is fully compliant under NJ state law, and protects your best interests. Contact us for a free consultation.