Benefits of a Prenuptial Agreement in New Jersey
A prenuptial agreement is a contract made prior to marriage setting forth each spouse’s rights and responsibilities in the event of a divorce. It may be wise to start the process of drafting a prenuptial contract well in advance of the marriage to clarify any conditions, allow for ample contemplation on the contract, and be certain that disclosure of assets was full and adequate.
Pre-marital contracts are often mischaracterized as a lack of faith in a marriage or a belief that divorce will happen. However, a prenuptial agreement is simply intended to safeguard people’s rights and property in the event of a divorce as a sort of insurance policy.
If you are soon to be married and are worried about what may happen in the event of a divorce, contact a skilled lawyer today to learn about the benefits of a prenuptial agreement in New Jersey. You have rights and property that is worth protecting. A seasoned attorney could be the advocate you need to ensure that your assets are protected even in marital dissolution.
When to Enter a Prenuptial Contract
A person should consider entering into a prenuptial agreement with their future spouse when they have significant assets to protect. This type of marital contract could address any assets necessary to keep separate in a divorce. This may include assets that are not yet owned or received such as future income from financial investments or businesses.
One of the benefits of a prenuptial agreement in New Jersey is that it leaves nothing up to chance. A petitioner for such a contract can be certain that their interests are represented the way the want before they enter a marriage. Discussing a prenuptial agreement earlier before a marriage could prevent the subject from being a surprise or an issue. Being transparent about the desire for a prenuptial agreement could prevent conflict later in the drafting process.
Rights, Limitations, and Responsibilities in Prenups
A prenuptial agreement could include stipulations that each party shall keep their accounts separate, that one party save a certain amount of money for the other during the marriage, and even delineate how each party should act during the marriage to the other party in any way. A party could add clauses outlining that they have a certain amount of money that was acquired prior to the marriage and that if they use separate money to acquire property during the marriage, then it may be maintained as separate property.
The limitations placed on prenuptial agreements in New Jersey include anything regarding future children and child support. Additionally, if one party is coerced into signing the agreement or they are under duress, then the agreement may not be upheld in court. According to New Jersey Statutes Annotated 37:2-34, agreements can contain instructions regarding insurance, assets, spousal support, and any other subjects that do not violate public policy.
Enforcement and Validity of Prenuptial Agreements in New Jersey
One of the benefits of prenup agreements in New Jersey is that they can be modified or voided if the terms are no longer reasonable. A prenuptial agreement might be voided if it is unconscionable, if one of the parties was under duress, if there was inadequate disclosure, or if a party did not have access to an attorney. According to N.J.S.A. 37:2-38, it is the duty of the party that believes the agreement to be unenforceable to prove that it is unconscionable. As of 2013, prenuptial agreements will be evaluated for their validity and enforceability from the date of signing. If an agreement is determined to be unconscionable, failed to have full disclosure, or was entered into under dubious circumstances, a judge may rule that the agreement cannot be enforced.
Call a New Jersey Lawyer About the Benefits of a Prenuptial Agreement
A well-drafted prenuptial agreement provides many distinct benefits in the case of divorce. If you have assets that you want to protect or you are worried about your financial future or the future of children from another marriage, a prenuptial agreement may be for you. Call a seasoned family lawyer today to start working on your contract and learn more about the benefits of a prenuptial agreement in New Jersey.