In today’s society, many couples choose to create a legal contract known as a prenuptial agreement before walking down the aisle that stipulates what happens in the event of a divorce. Generally, this type of agreement is established before marriage to safeguard each party’s assets and assess how their newly acquired assets will be handled. Unfortunately, if this legal contract is unfair it could be invalidated. To ensure the terms are enforceable in the event of a divorce the team must be fair to both parties. Keep reading to learn what factors could make a prenuptial agreement unfair and discover how a trusted Prenuptial Agreement Attorney in Mountainside can help you ensure this legal contract is fair and enforceable in the event of a divorce.
What is a prenuptial agreement?
As mentioned above, a prenuptial agreement is a written contract that is established before marriage that dictates essentially who gets what in the event of a divorce. There is a common misconception that only wealthy individuals should establish this type of legal agreement. However, anyone with assets can benefit from establishing this contract. If you do not make a prenuptial agreement the decision on what happens regarding critical issues such as child custody, child support, spousal support, and the division of assets will be left up to the court. New Jersey is an equitable distribution state. This means the marital property is divided fairly between both parties, not necessarily a 50/50 split. This can result in an unfavorable divorce settlement. If you want to establish this contract, yet you’ve already tied the knot, you can create a postnuptial agreement which is essentially the same contract. However, a postnuptial agreement is established after marriage.
What could make this agreement unfair?
To ensure your prenuptial agreement is valid and enforceable, the terms outlined must be fair to both parties. This means the contract cannot favor one spouse. Essentially, one party should not receive all of the couple’s marital assets while the other party receives a small portion. It is unfair for one spouse to receive everything while the other spouse receives next to nothing. In addition, to ensure this type of agreement is fair, both parties must lay all their cards on the table. This means both parties must disclose all of their assets and financial obligations. Furthermore, for a prenuptial agreement to be fair, both parties must agree to enter into the contract willingly. This means the other party cannot intimidate or pressure their partner into creating this type of legal agreement.
For more information on how to ensure your prenuptial agreement is enforceable in the event of a divorce, please contact one of our dedicated team members. Our firm is committed to helping our clients safeguard their hard-earned assets through a prenuptial agreement.