Arons & Solomon | May 11, 2015 | Articles
Getting Married? Here’s What You Should Know about NJ Prenuptial Agreements
The white dress, the flowers, the bridal party, the tuxedos. These are often the first thoughts that come to mind when one begins to plan a wedding. A couple is so in love with one another and the future appears so bright to them that they do not have another care in the world. While a person always wants the future to be bright and plans on a happy and healthy marriage, the reality can sometimes be very different. A person can enter into a marriage with a large number of personal assets that they, or their family, have worked hard for prior to even meeting their prospective spouse. Through the use of a prenuptial agreement, each person has the ability to safeguard these assets as well as preventing a possible nasty divorce battle down the line.
Prenuptial agreements are contracts between two prospective spouses outlining a clear statement as to which property is to remain with which spouse should their marriage end in divorce. Back in 1988, New Jersey put into place its own variation of The Uniform Premarital Agreement Act. This Act stipulates that all prenuptial agreements must be written and signed by both parties. Additionally, all prenuptial agreements must have a statement of assets included with the prenuptial agreements.
There are a variety of assets that can be incorporated into a prenuptial agreement. The main crux of a prenuptial revolves around how assets are going to be divided in the event of a divorce; however, the prenuptial can also cover what happen to certain property in the event of general separation or even death. For example, say that you own a business prior to the time that you are getting married which you would like to safeguard. That protection can be incorporated into your prenuptial agreement so that your spouse has no claims or interest in that business in the event that the two of you should separate and divorce. This allows for the business that you have worked for to to always be protected.
While prenuptials offer a certain amount of security, not every potential issue can be covered. For example, the topics of future child support payments and custody agreements cannot be included into prenuptials. The thought behind this is that situations can always change as the years go by. While either spouse may be stable at the time they are married, years can potentially change a person and said person may not be able mentally or financially take care of a child. The best interests of the child or children at the time must be considered at the time the issues arise, not years prior.
Many interpret prenuptial agreements as documents that show that a person may not completely trust the person that they are about to marry. This could not be further from the truth. Prenuptial agreements offer a sense of security for all parties involved. Many people may view a prenup as opening the door to conflict. However, entering a prenup allows for both parties to have open communication regarding money and finances and realistically could make your relationship stronger knowing that both of you are on the same page regarding finances. To be able to eliminate any possible misunderstandings down the road will allow you to begin your marriage on the right foot. Prenuptials offer a road map, in a sense, of how you would like your marriage to develop regarding certain issues.
With the proper legal guidance through an experienced attorney, a couple can make the necessary provisions just in case their plans do not quite work out the way that they anticipated. Arons & Solomon have years of experience working in this delicate subject and can offer the proper guidance to ensure that the best interest for all parties is carried out. Please call our office today at (201) 487-1199 to find out more information regarding prenuptial agreements.