Divorce is tough, especially if you do not want one, or are not ready for one. Unfortunately, the emotional toll a divorce can take is often compounded by the financial turmoil divorce so often brings about. Though many couples do not feel drafting a prenuptial agreement will ever be necessary, if they get a divorce, they’re usually glad they decided to draft one.
When couples divorce, they very often do not agree on certain terms regarding “who gets what,” which opens a couple’s divorce up to litigation, and therefore the equitable distribution process. When assets are subjected to equitable distribution, both spouse’s assets are up for grabs, leaving them in a rather precarious situation.
However, all this can be avoided by simply hiring an attorney and drafting a valid and enforceable prenuptial agreement. If you are about to get married and believe you may be interested in writing such an agreement with your spouse, read on to learn more about them and how they can benefit you and your marriage. Here are some of the questions you may have:
Can a prenuptial agreement protect my assets?
Fortunately, American society is starting to get over the stigma associated with prenuptial agreements. Though they are not exactly a romantic document, people are starting to realize that there is nothing wrong with being both proactive and realistic by drafting one. Couples may address the following facets of their marriage in a prenuptial agreement:
- Both party’s finances
- Family inheritances
- Ownership rights of disability policies
- Division of property, or multiple properties, should spouses divorce
- Potential spousal support or child support obligations in the event of a divorce
- Retirement funds acquired before your marriage
- Ownership rights of life insurance policies
What makes a prenuptial agreement valid and enforceable?
All valid and enforceable prenuptial agreements in New Jersey must meet the following qualifications:
- Prenuptial agreements must be fair and just
- Prenuptial agreements must be executed before marriage
- Prenuptial agreements must be in writing
- Prenuptial agreements must include a full financial disclosure at the time of execution
- Prenuptial agreements must be notarized
If you are already married, you may draft a postnuptial agreement in place of a prenuptial agreement. They essentially serve the same purpose, though a postnuptial agreement can only be drafted after marriage.
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Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. One of the most important things you can do when going through a divorce is to hire a knowledgeable and compassionate divorce attorney. Do not settle for less than you deserve. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.