Many of our Bergen County clients are hesitant to enter into a prenuptial agreement before they marry. Obviously at the time of the marriage, it is pretty difficult to imagine a scenario where you would ever want to divorce your future spouse, but the fact of the matter is that people change, times change, and having a prenuptial agreement in place before your marriage is a smart and prudent step to take.
Before you enter into a Bergen County prenuptial agreement, it is important that you and your Fort Lee prenuptial agreement attorney consider exactly which factors you would like include in your prenuptial agreement, and the terms outlining how those factors are decided in the event of a divorce. Here are some important things to consider including in your prenuptial agreement.
Englewood Prenuptial Agreements and Premarital Finances
One of the first steps to take when drafting your Bergen County prenuptial agreement is to determine each party’s assets and debts before the marriage. It is important that you and your future spouse are honest with each-other regarding what assets you have, your income, and any debts you may be carrying. Especially in the case of high-net worth individuals or couples, it can be especially important to properly value all of your assets prior to your marriage, and clearly list who is bringing what to the marriage.
Once you have established exactly what assets and debts you and your partner are bringing to the marriage, you can then decide how you wish to handle these assets and debts in the case of a divorce. You can decide to commingle assets, and later divide them equally under equitable distribution laws, or you can decide to retain your individual assets and liabilities separately. Speak with your Hackensack prenuptial agreement attorney for advice regarding which option and/or terms make sense in your specific circumstances.
Hackensack Prenuptial Agreements and Marital Property
Similar to premarital finances, a prenuptial agreement can also cover how marital property (property that you accumulate with your partner through the duration of your marriage) is divided in the event of a divorce. Again, marital finances can be divided equitably, or you can reach a more specific agreement with your future spouse to divide assets on a percentage basis, or majority ownership, or even divide certain assets equitably and others in a more specific way.
Fort Lee Prenuptial Agreements and Child Custody and Responsibilities
Your Bergen County prenuptial agreement can also outline how child custody will be handled in the event of a divorce. New Jersey law defines child custody as being two separate types, physical custody and legal custody. It is possible for one parent to have sole legal custody of the child(s), but share physical custody with the other parent equally. It is also possible for both parents to have legal and physical custody, or one to have have solo legal and physical custody. There are many different ways parents can decide child custody, and doing so in a premarital agreement can often save you a great deal of money down the line in the event of a divorce, when these issues would possibly have to be settled in a contentious manner in court.
Other Considerations Before You Marry
Beyond the financial and parental considerations you may wish to include in your premarital agreement, it can often be prudent to decide certain issues with your spouse prior to your marriage. For example, who will be in control of the marital finances? Will you make financial decisions together, or will one party have the authority to make final decisions? What kinds of retirement funds does it make sense for you to pay into, and who will be expected to pay what amount into those accounts?
Additionally, you may also want to discuss your parenting strategies and plans for future employment prior to your marriage. Will you both work? If you decide to have children, will one party leave their job to care for the children, and if so, which party will assume those responsibilities? What if one spouse wishes to make a career change, and can no longer provide the same level of financial support to the marriage that they previously did?
These are all important questions to answer prior to your marriage, and can save a lot of stress and heartache down the road by making clear today your future intentions and responsibilities in your marriage.
Contact a Bergen County Prenuptial Agreement Attorney Today
At The Law Office of Townsend, Tomaio & Newmark, we have extensive experience helping clients across Hackensack, Fort Lee, Englewood, Paramus, and the greater Bergen County area to efficiently and confidently draft prenuptial agreements which protect their specific needs and interests moving forward.
Our attorneys practice exclusively family and divorce law, givings us a unique insight and understanding of this area of legal practice that many other firms cannot provide. We believe in open and honest communication with our clients, and never make promises that we can’t deliver.
To speak with one of our experienced and knowledgeable prenuptial agreement attorneys today in a free and confidential consultation, please contact us online or through our Hackensack office at 201-397-1750.