Protect Your Interests Through A Prenuptial Or Postnuptial Agreement
Prior to entering into any type of contract, it is wise to take steps to protect your interests. While rarely viewed under these terms, at its core, a marriage is a legal contract between two people. Today, as a growing number of New Jersey residents delay marriage or remarry for a second or third time, many enter into a marriage with considerable assets.
For individuals who plan to marry, a prenuptial agreement is an effective way to protect financial interests in case a marriage ends in divorce. At Deitch & Perone, P.C., our family law and divorce attorneys will work on your behalf to establish a prenuptial or postnuptial agreement that addresses your concerns and meets your needs.
Issues To Address In A Premarital Agreement
Many people have misconceptions about what can and cannot be included in a prenuptial agreement. Our attorneys are experienced and skillful in drafting prenuptial agreements that are effective and enforceable. Issues that may be addressed in a New Jersey premarital agreement include:
- Both spouses’ rights and obligations to joint and separate property
- How property will be divided upon separation, divorce or death
- The modification or elimination of spousal support
- The making of a will, trust or other arrangements to carry out the provisions of the agreement
- Terms related to life insurance policies
- Any other matter, including personal rights and obligations, as long as it’s not in violation of public policy
Frequently Asked Questions About Prenuptial And Postnuptial Agreements
Prenuptial and postnuptial agreements are becoming increasingly common, especially for couples with established careers, entrepreneurial goals, intellectual property or who are entertaining second marriages. Here are the answers to some common questions:
How does a postnuptial agreement differ from a prenuptial agreement?
In general, it is all about timing. A prenuptial agreement is signed before a marriage begins, while a postnuptial agreement is signed after the marriage starts. Both can be used to establish financial agreements, property rights and liability for debts in the event of a separation, divorce or death. Postnuptial agreements, however, are often used to address changing circumstances in a marriage, such as when one spouse agrees to give up their career to support the other or take care of the couple’s children.
Are prenuptial and postnuptial agreements enforceable in New Jersey?
Yes, both prenups and postnups are enforceable in New Jersey so long as they are in writing and signed voluntarily by both parties (without any coercion or duress). In addition, both parties must provide full financial disclosures prior to signing, and the terms of the agreement must not be grossly unfair to either party.
Can a prenuptial or postnuptial agreement be modified after it is signed?
Yes, marital agreements can be modified, so long as the modifications must meet the same legal requirements as the original agreement, such as both parties making full financial disclosures. Postnups are often used to modify prenuptial agreements after a couple’s situation changes with time.
How can a prenuptial or postnuptial agreement affect a divorce?
In general, a prenuptial or postnuptial agreement predetermines what will be considered separate assets and debts versus marital assets and debts, which can greatly simplify your divorce proceedings. They can also limit or waive spousal support, although the court may review the terms of an agreement regarding support for fairness at the time of the split. They can also make sure that family heirlooms, businesses and inheritances are protected and ensure the financial security of children from prior relationships.
Cohabitation Agreements
Cohabitation agreements are contracts between two people who have decided not to get married. These can address the same issues as prenuptial agreements.
To discuss your questions and needs with a family law lawyer, call our West Long Branch office at 732-287-6086 or our Scotch Plains at 732-287-6086 or contact us online.