A prenuptial agreement is to protect your assets if your marriage ends in the future. If you currently have significant assets or expect to acquire them at some point during your marriage, a prenuptial agreement may make sense for you to think ahead.
A prenuptial agreement can save you a substantial amount of money in attorney fees and make it easier for you to part ways with your spouse in an amicable manner if your marriage comes to an end. If you are interested in creating a prenuptial agreement, we can help.
Construction of a Prenup
In order for them to be legally binding, prenuptial agreements must be prepared correctly. According to New Jersey’s Uniform Premarital Agreement Act or UPAA, prenups must:
- Be in writing
- Include a statement of assets
- Be signed by both spouses
- Be reviewed by an attorney, if desired by any party
Although child custody and parenting time cannot be addressed in New Jersey prenuptial agreements, there are many issues that can be addressed. Some of the most common issues that are addressed by prenups include:
- How finances and assets will be handled during the marriage
- Business ownership rights
- Disposition of property upon divorce, separation, or death
- How gifts, trusts, or inheritances will be handled
- Insurance coverage
- Alimony
Who Can Benefit from a Prenuptial Agreement
Although many couples are hesitant about creating prenuptial agreements because they seem unromantic, they can be beneficial because they protect the rights of both spouses. Even if you or your spouse do not have significant assets, children from a previous relationship, or have never been married before, a prenup can generate trust and actually bring strength and clarity to your marriage.
It will give you the opportunity to openly discuss financial obligations in the event of a divorce and ensure you are both on the same page. Additionally, it will allow you to gain a better understanding of the money management and lifestyle choices that will exist throughout your married life.
Without a prenuptial agreement, the court may be left to determine how your property and assets will be divided in a divorce. A prenup makes it easy for a couple to make their own decisions and follow their own plan rather than giving the court the right to choose.
When Should Prenups Be Prepared?
The more time you and your potential spouse have to think about and discuss your prenuptial agreement, the better and stronger the contract will be once it is finalized. It’s important to begin the prenup planning process as soon as you and your potential spouse agree that it is something you are both interested in. Prenups take time to prepare and should not be signed very close to the wedding date as this can appear as a red flag in the court’s eyes. It may appear that the prenup was signed under without the agreement of both parties.
Alteration or Revocation of a Prenup
If you sign a prenup and decide later to change it or revoke it, that can be done with a written agreement signed by both parties. Alterations and revocations can take place at any time after the prenup is signed, but can be complicated. In order to make sure your altered prenup or revocation is enforceable, you should seek the help of an experienced NJ prenup lawyer.
How a Jersey City Divorce Lawyer Can Help
By consulting a Jersey City divorce lawyer at Pagliara Law Group to assist you in preparing a prenuptial agreement, you and your potential spouse can enjoy the peace of mind of knowing that your prenup will be prepared in a way that makes it binding and effective.
We will work with you to understand your needs and situation so that we can create a prenup that clearly outlines what is and what is not marital property. Once we create a draft of your prenup, we will review every part of the contract with you and your potential spouse so that you both thoroughly understand each provision before signing.
Contact Pagliara Law Today
201-470-4181
