Creating a will is vitally important for many Hackensack residents, who wish to control how wealth they accumulated in life ends up being distributed. The urge to sign a prenuptial agreement may not be strong as developing an estate plan but maybe it should be. A divorce also signifies an end requiring property division.
Premarital contracts were once reserved for the wealthy. Over time, more and more fiances have realized asset and debt protection is beneficial at every economic level. Couples also learned marriage is not a sure bet, no matter how good the intentions are entering into a legal union.
Prenuptial agreements have been criticized for being unromantic or sparking fiance distrust. The timing, during the anticipatory period before a wedding, is decidedly awkward. But, think of it this way: making property decisions before marriage is certainly a whole lot easier than engaging in an expensive, drawn out dispute during divorce.
The contents of prenuptial agreements largely are left up to the affected parties. Generally, the contracts focus upon spousal support and division of property issues like what assets remain separate and which property is divisible. Keep in mind that in a divorce dispute without a prenup or some other advance financial agreement, a judge could have the final say over how your property is divided.
Unfortunately, many couples discuss just about everything prior to marriage except money. Joint financial styles and goals remain a mystery until sometime after the honeymoon. A prenuptial agreement encourages couples to talk about finances and removes all doubt about future property ownership.
Prenuptial agreements protect assets, like real estate or businesses purchased prior to marriage. Contracts are signed to safeguard property for children from an earlier relationship. The agreements also can provide protection from a future spouse’s debt.
An attorney with MR. Men’s Rights Divorce & Family Law of New Jersey by Schultz & Associates, LLC can explain the benefits and limitations of a prenup. Our lawyers also assist spouses interested in mid-marriage agreements.