Prenuptial Agreements in New Jersey vs. Across the Country
By Moskowitz Law Group, LLC |Planning a wedding is an exciting time. One of the many steps couples choose to take before tying the knot is to enter into a “prenup.” A prenup, short for prenuptial agreement, is a legal agreement created before a marriage or a civil union, usually to specify how assets and debts would be allocated between the parties in the case of divorce. The terms of a prenup may include assets that will be kept by one party that are pre-existing assets, such as property or businesses owned by that party prior to the marriage, assets inherited by a party prior to or during the marriage, and other types of arrangements.
Many states have different factors and legal requirements for the construct of a prenuptial agreement, so it Is important to understand the variables while marrying in New Jersey.
Comparing Prenups in New Jersey to Those Across the Country
Even though all 50 states honor prenups and consider them viable, many states have details in a prenup that can be treated differently. For example, some states have laws that terminate or phase out prenuptial agreements after a certain period, and some require a very comprehensive disclosure of one’s finances. Some states also consider unconscionability (unfair terms) more than others. These differences play out when a prenup is to be enforced.
Like many states, New Jersey has a distinct legal procedure for signing a prenup*tial agreement. The prenuptial agreements in New Jersey are unique because they are tailored to the individual circumstances and desires of each couple. The New Jersey Prenuptial Agreement Law requires both parties to sign a written agreement and to have it notarized. It is also necessary for both parties to have legal counsel or waive their right to independent legal counsel.
New Jersey has adopted the Uniform Premarital Agreement Act (UPAA), a multi-state law effective in 28 states and the District of Columbia. The main aim of this act is to ensure consistency among these states in handling both the complexity and variety of prenuptial agreements.
This act also specifies requirements for eligibility for a valid prenup, some of them which include:
- Written form and signatures
- Voluntary agreements without coercion
- Fair and full disclosure of assets
- Fairness to both parties
- Adequate and independent legal representation.
Entering a prenup requires careful consideration from both parties, jointly and independently. It is important to consider differences from other states when drafting a prenup and marrying in New Jersey.
Consult a New Jersey Family Law Attorney
Consulting with a skilled family law attorney in your area is essential to understand the specific legalities applicable to your situation and ensure your prenup is drafted correctly and enforceable.
An experienced lawyer can guide you through the prenuptial agreement process, ensuring it protects your interests while fostering open communication and a strong foundation for your marriage. Call Moskowitz Law Group now to discuss your options.
