Many people do not establish a prenuptial agreement with their fiance for multiple reasons. Regardless of your reasoning for doing so, at some point during your marriage, you may wish you had created some sort of agreement that outlines the future of your assets, should the worst happen.
Fortunately, postnuptial agreements are still an option, and they serve the same purpose as a prenuptial agreement, only they are drafted after marriage. Though this may have nothing to do with the confidence you have in the strength of your marriage, postnuptial agreements are often a rather touchy issue. However, if you approach your spouse honestly and openly about drafting one, you and your marriage may both benefit in the long run. Here are some of the questions you may have about postnuptial agreements in New Jersey:
What does a postnuptial agreement do?
There are several reasons a couple would desire to create a postnuptial agreement. Just some of the most important issues couples seek to address in a postnuptial agreement are as follows:
- Both parties seek to avoid the expense, anxiety, and uncertainty of the equitable distribution process
- One or both parties want to secure financial support for his or her children from a previous marriage
- Rather simply, sometimes couples do not define their financial relationship in a prenuptial agreement, and now, they hope to do so
- One party’s financial circumstances have greatly changed. This can happen for any number of reasons, such as receiving a job promotion, the acquisition of stocks, a large inheritance, or even something as significant as winning the lottery.
What makes a postnuptial agreement valid?
There are several criteria that a postnuptial agreement must meed in order to be considered valid and enforceable by New Jersey law. Those qualifications are as follows:
- Both spouses must retain separate legal counsel, or else explicitly waive their right to counsel in writing
- Each party’s financial status and any other assets addressed in the agreement must be fully and truthfully disclosed
- The terms of the postnuptial agreement must be “fair and reasonable” to both parties
- Both parties must have a fair amount of time to reach an educated and rational decision regarding whether they should sign the agreement
- There must be absolutely no evidence of manipulation, intimidation, deception, or emotional pressure to sign the agreement by either party
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee.
To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.