Prenuptial Agreements
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Morris County Prenuptial Agreements Attorney
What to Know Before Signing a Prenup in New Jersey
A prenuptial agreement is a contract signed by the engaged couple prior to the wedding and is designed to equally or fairly split the assets / liabilities and define support obligations of each partner in the event of a marriage breakdown. Conventional divorce agreements usually split assets by both parties coming around the table to negotiate losses and gains, and this can result in long court battles and disagreement.
The party claiming that an asset is pre-marital or “exempt” has the burden of proving it. In a long-term marriage, this can sometimes prove challenging. A well-drafted prenuptial agreement can avoid lengthy and expensive litigation later. The attorneys at Riordan Family Law can assist you in drafting a prenuptial agreement or in reviewing a drafted prenuptial agreement that will protect your financial interests.
These are three things you should know before signing a prenup:
During the writing of the contract, all assets are disclosed to either party.
Both parties must have a sufficient opportunity to obtain independent legal advice and have the document reviewed by an attorney.
The prenuptial agreement must be entered into freely and voluntarily.
Our New Jersey firm can help you understand your options and make the right choice. Contact Riordan Family Law to learn more about prenuptial agreements; reach us at (973) 577-4118.
Key Considerations for Prenuptial Agreements
When drafting a prenuptial agreement (prenup), a woman (or any individual) should consider several important factors to protect their interests and assets in the event of divorce or separation. Here are some key considerations and provisions to include in a prenuptial agreement:
Full Disclosure: Both parties should fully disclose their assets, debts, income, and financial obligations to ensure transparency and fairness in the agreement.
Asset Protection: Specify which assets will remain separate property and which will be considered marital property. This can include assets owned prior to the marriage, inheritances, gifts, and future earnings.
Debt Protection: Determine how pre-existing debts and future debts will be handled in the event of divorce. This can help protect each spouse from assuming the other's debts.
Spousal Support (Alimony): Outline whether spousal support will be waived, limited, or specified in the event of divorce. This can provide clarity and avoid disputes over support payments.
Business Interests: If one or both spouses own a business, consider how the business interests will be protected or divided in the event of divorce.
Inheritance Rights: Specify how inheritance rights will be treated in the event of divorce, ensuring that any inherited assets remain with the intended beneficiary.
Retirement Accounts: Determine how retirement accounts, pensions, and other similar assets will be divided in the event of divorce.
Real Estate: Address how real estate properties, including the marital home, will be handled in the event of divorce, including whether one spouse will have the right to buy out the other's interest.
Financial Responsibilities: Clarify each spouse's financial responsibilities during the marriage and in the event of divorce, including how expenses will be shared and how financial decisions will be made.
Child Custody and Support: While a prenup cannot determine child custody or support arrangements, it can include provisions related to the financial aspects of raising children, such as education expenses or inheritance rights.
It's important to consult with a family law attorney who is experienced in drafting prenuptial agreements to ensure that the agreement is legally valid, enforceable, and tailored to your specific needs and circumstances.
Contact Riordan Family Law for a Private Consultation
Many couples, about to be married, are hesitant to sign a prenuptial agreement because they feel that it reflects badly on the impending marriage. Apart from these concerns, a prenuptial agreement can assist in protecting the interests of both parties in the event of a divorce.
The attorneys at Riordan Family Law can assist you in negotiating, drafting and / or reviewing a prenuptial agreement to safeguard your rights and interests. A lawyer from our firm is prepared to work diligently in order to provide you with the necessary security to shelter your financial interests should your marriage end in divorce.
For a personalized consultation, call our Morris County law office at (973) 577-4118 or schedule an appointment with our prenuptial agreement attorney.
