Tuesday, February 26, 2019
When preparing to marry, it is helpful to think about things beyond what you will wear and what food you will serve at the reception. The reality is that marriages often end at some point in the future, and it is in your interests to take steps now to protect yourself in case this happens. You can do this by drafting a prenuptial agreement.
A prenuptial agreement allows you to decide how property division will work in the event of a divorce, but that is not all it can accomplish. There are several things you can do to shield your legal and financial interests with this document. Before you walk down the aisle, you may want to learn more about why many New Jersey couples find it beneficial to draft these agreements before marriage.
The benefits of a prenuptial agreement
Prenuptial agreements are not something reserved only for the wealthy or famous. There are significant and practical benefits for couples of all income levels, and some of the things you can do with this type of agreement include:
- Specify which property is separate and not eligible for division in divorce
- Protect yourself from leaving the marriage with an unfair debt burden
- Outline how spousal support and the division of marital property will work
- Provide for the protection of family heirlooms and property in the event of a divorce
- Outline the financial responsibilities of both spouses while married
You can craft your prenuptial agreement to suit your needs and the details of your unique financial situation.
The limitations of a prenuptial agreement
Despite the many benefits of these agreements, there are certain things you cannot accomplish with them. You cannot outline child custody provisions, include provisions that actually promote divorce and more. If you think that a prenup is a smart move for you, it is prudent to seek guidance in order to ensure it is correct, thorough and enforceable in case of a dispute.
Thinking about the future starts now
No one enters a marriage thinking they will head toward divorce in the future, but it is always smart to prepare. It is never too early to think about your financial well-being and interests down the road, and a prenuptial agreement is a smart and simple way to accomplish both of those things. Before you marry, you may want to discuss this option with a family law attorney.