Should You Consider a Prenuptial Agreement?
When you’re excitedly planning to marry someone you love and with whom you want to spend the rest of your life, raising the issue of a prenuptial agreement might feel uncomfortable. However, it’s impossible to know what might happen between two people, and prenuptial agreements can be useful in events other than just a divorce. Entering a prenuptial agreement can offer predictability and security to both spouses.
Why Have A Prenup?
Prenuptial agreements are a convenient way to delineate which property should be considered marital property and which should be kept as separate property. If you’re getting married at an older age, you may have already bought a house (or acquired debt) that you want to ensure remains separate, which is a potential use of a prenuptial agreement. If you’re entering a second marriage and have children from a previous relationship, a prenuptial agreement can be especially important, and can clarify that your assets should go to your children in the event of your death. The prenuptial agreement can also clarify your future spouse’s interest (or lack) in any business you may own.
Agreeing on what will happen in the event of a future divorce while you are still on good terms with your spouse can make the separation process much faster, simpler, and less expensive. A prenuptial agreement can delineate the amount and duration of alimony payments, how property will be separated, and whether any disputes regarding the agreement should be heard in court, arbitration, or mediation.
What Should You Know When Creating a Prenuptial Agreement?
While you and your future spouse may be in agreement on the terms you want included in the prenup, you will still each need to have your own attorney to review the document in order for it to later be enforceable. You will also need to make a full disclosure of your financial situation prior to entering a prenuptial agreement, so collect any statements you have from various accounts, as well as your most recent tax return, before you meet with your attorney. While prenups can include a broad array of terms, there are certain topics that might go against public policy, and an attorney can help you determine what those might be so that your agreement will be fully enforceable.
Speak with an experienced family law attorney to determine what you might gain from creating a prenuptial agreement for you and your future spouse. Contact the Union, New Jersey Law Offices of John B. D’Alessandro for a consultation on your prenuptial agreement questions, at 908-964-0102.