If you and your partner are getting married, there is a lot of planning to be done. In addition to more exciting steps like planning your wedding, you will also have to plan for your future together. This is especially true when it comes to finances. Joining finances together can be complicated, as a result, many couples turn to prenuptial agreements in order to help establish boundaries, make important financial decisions, and more. Read on to learn more about creating a prenuptial agreement in New Jersey.
What is a prenuptial agreement?
A prenuptial agreement is a legal agreement that declares how a couple’s assets should be divided in the event that their marriage comes to an end. Notably, these documents must be created before the couple gets married. Many couples avoid prenups because they deal with the end of a marriage before the marriage has even begun. However, it is important to understand that a prenup does not indicate a lack of trust or an unstable marriage. These agreements allow couples to get important financial conversations out of the way, make sure they are on the same page, and enter into this new phase of their lives feeling secure.
What can I include in a prenup?
You can use a prenuptial agreement to address:
- Minimum alimony payments
- Life insurance policies
- Rights to buy, sell, or otherwise manage assets
- Rights of both spouses to join or separate property during or after their marriage
What cannot be included in a prenup?
There are some items that cannot be addressed in a prenuptial agreement, including:
- Child support
- Lifestyle clauses
What makes a prenup valid?
In order for a prenuptial agreement to be considered valid, it will have to meet the following requirements:
- Prenuptial agreements must be in writing
- They must be notarized or executed in front of a notary
- They must be fair and just to both parties
- Both spouses must either retain legal counsel or explicitly waive their right to counsel
- Prenuptial agreements must include complete disclosure of finances
- They must be executed before marriage
What if I got married without a prenup?
Many people forego prenuptial agreements and later change their minds. If you have already gotten married without a prenup, you still have the option to create a postnuptial agreement. This document has the same purpose. The main difference is that it is created after the wedding, rather than before it.
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If you require strong legal representation for matters related to divorce or family law, contact Haber Silver Simpson & Russoniello today to schedule a consultation.