Marriage is exciting, and if you are ready to get married, chances are you’re doing a lot of planning. You have a wedding to plan, maybe you wish to move into a new home, etc. However, since you plan so extensively for your wedding and other events associated with marriage, it is prudent to plan for the opposite end of the spectrum as well. Fortunately, you may not have to plan so extensively if you simply draft a prenuptial agreement. While you may feel uncomfortable suggesting one, once you and your spouse have it drafted, you’ll never have to talk about it again. Here are some of the most common questions asked about prenuptial agreements:
How can a prenuptial agreement benefit me?
In the event of a divorce, if you and your spouse do not have a prenuptial agreement in place, there is a good chance you will lose many of your hard-earned assets. Additionally, you may find yourself mixed up in the litigation process, which is often physically and emotionally draining for all who are involved. By drafting a prenuptial agreement, you protect your hard-earned assets in the event of a divorce. Additionally, you may even protect your family’s inheritance. Here are some of the specific terms that prenuptial agreements often cover:
- The rights of both spouses to join and separate property during, or after, their marriage
- The rights of both spouses to buy, sell, use, transfer, exchange, abandon, lease assign, dispose of, or manage specific assets or properties of the marriage
- Potential child custody or visitation issues
- How spousal support will be handled in the event of separation or divorce
- How property will be divided in the event of separation, death, divorce, or any other circumstances the couple wishes to address
- The handling and ownership of life insurance policies
- Any other issue concerning personal rights and obligations the couple may wish to address, given they are not against public policy
How do I know if my prenuptial agreement is official?
There are five main qualifications for a valid prenuptial agreement. They are as follows:
- Prenuptial agreements must be in writing
- Prenuptial agreements must include a full disclosure at the time of execution
- Prenuptial agreements must be notarized
- Prenuptial agreements must be fair and just for both parties
- Prenuptial agreements must be executed before marriage
If you are already married, you may wish to draft a postnuptial agreement. A postnuptial agreement functions essentially the same as a prenuptial agreement, except it is drafted after your marriage is official.
Contact our New Jersey firm
The Partners at Townsend Tomaio & Newmark lead the firm practicing Family and Divorce Law exclusively. All Partners have been honored by their inclusion in the New Jersey Monthly Super Lawyers List for several years. They lead the boutique firm in handling custody, support, alimony, divorce, and domestic violence cases across Northern, New Jersey.