When you agree to marry your partner, you may be excited to begin the next chapter of your life. While you anticipate wedding planning, you may want to also consider discussing whether or not a prenuptial agreement is necessary for your needs as a couple. Though many find this off-putting, it is an essential conversation you should have with the help of prenuptial agreement attorneys in Bergen County, NJ. Keep reading to learn what you must consider to ensure this agreement is fair for you and your spouse.
What Is a Prenuptial Agreement?
A prenuptial agreement is a legal contract that a couple will create before they get married, which details how they will split assets and marital property if they end up divorcing. Unfortunately, this is not something many couples take the time to discuss after becoming engaged for fear they will offend their partner by bringing up divorce before they even tie the knot.
These documents are crucial, as New Jersey handles the distribution of marital assets during a divorce according to equitable distribution laws. This means that instead of splitting the property evenly, as would happen in a community property state, the state will consider each spouse’s contribution to the marriage before dividing the assets. This makes it even more essential to discuss how you wish to split your investments during a divorce, including the distribution of property, funds, debts, and other assets among both spouses.
What Makes This Agreement Fair?
In order to make an agreement fair, it’s critical for both spouses to feel represented and protected by the agreement. This includes full disclosure of all assets from both parties entering the contract. Transparency into bank accounts, investments, retirement funds, properties, and any other financial obligations is essential to provide each spouse with the full scope of the other’s financial standing.
Similarly, one spouse should not claim all the funds and assets in the prenup, as this would render it unfair. In fact, the state will likely prevent this, especially if the prenup renders one spouse financially dependent on the state for assistance.
Do I Need the Assistance of an Attorney?
If you are considering a prenup, it is in your best interest to consult with an experienced attorney before proceeding. Without their legal guidance, you may find yourself left with an agreement that borders on unfairness.
Similarly, your attorney can provide guidance on how to proceed if it’s discovered before finalizing the agreement that your spouse did not provide full transparency about their financial status.
If you and your soon-to-be spouse have decided that a prenuptial agreement is the best option, you’ll want to ensure you have an experienced and competent attorney. At Townsend, Tomaio & Newmark, we strive to help you create the fairest deal possible. Contact us today to learn more about how we can help you.