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What is the Importance of Full Financial Disclosure?

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What is the Importance of Full Financial Disclosure?

Today, many couples decide to create a prenuptial agreement before they are married. Some shy away from a prenup because of the stigma attached to it. A prenuptial agreement is a legal document that declares how a married couple will split their assets in the event of divorce or death. When starting a life together, no one wants to consider the possibility of divorce. For this reason, many people forgo creating a prenuptial agreement. While the conversation surrounding a prenup can be uncomfortable, a prenup is a great way to protect both you and your spouse. A prenup does not indicate a future divorce. Instead, it allows a couple to move forward and start their lives together, with many financial matters already figured out. Read on to learn more about prenuptial agreements, how they might benefit you, and why full financial disclosure is so important.

Why Create a Prenuptial Agreement?

A prenuptial agreement can benefit anyone. Some people believe that prenuptial agreements are only for individuals of a certain net worth. In reality, we all have assets that we want to protect. These assets may include inheritance, real estate, personal belongings, and more. Often, a prenuptial agreement benefits both parties because they are created with fairness in mind.

Requirements When Creating a Prenuptial Agreement

Like most legal documents, there is a set of requirements that must be met in order for a prenup to be considered valid:

  • Must include a full financial disclosure
  • Must be written
  • Must be notarized
  • Must be fair and just
  • Must be voluntary

Why is Full Financial Disclosure so Important?

Full financial disclosure is necessary so both parties have full knowledge of what they are agreeing to. Additionally, failing to fully disclose your assets can invalidate your prenup, which would cause a lot of problems down the line. For example, many couples create a prenuptial agreement so that their financial matters are already settled in the event that their marriage ends. This means they can likely avoid litigation. If your prenuptial agreement is invalid, you may have to engage in the litigation you and your spouse had hoped to avoid. Additionally, you may lose some of the assets that had been protected in your prenuptial agreement. Lastly, failing to disclose all of your assets can be considered fraudulent behavior and can lead to further legal trouble. Clearly, failing to fully disclose your financials does much more harm than good, and it is important to meet all the requirements when creating and signing a prenuptial agreement.

If you are interested in creating a prenuptial agreement, contact our firm today.

Contact our Firm

Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.

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Mediation Services

Our firm believes that exploring alternatives to litigation can greatly benefit our client. Our firm’s established mediation practice can help you resolve family law issues more efficiently, amicably and at a lower cost. If you are interested in knowing more about our mediation services, contact the firm to discuss your situation.

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“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –