The next time you and your partner discuss getting married, consider whether creating a prenuptial agreement is a good idea. A legal document catalogs each person’s property, assets, and debts.
Also, they discuss what would happen to these assets in the event of a divorce or death. This information can help couples make the most loving decisions for themselves and their children.
It’s a legal document
Before getting married, couples sign a legal contract known as a prenuptial agreement. It outlines their financial rights if the relationship ends in divorce.
These agreements can help protect property and wealth if one of the parties has more money than the other. They can also protect business ownership, inherited property, and acquired before the marriage.
They can be drafted to define which assets are separate, allow for a sliding scale of property allocation over a long marriage, or include other provisions unique to the couple and their situation.
In addition to defining and protecting property, a prenup can make the divorce process less painful for each party. This is especially true for couples with significant assets.
It’s a conversation
One of the most remarkable aspects of prenuptial agreements or prenuptial disputes NJ is that it allows you and your partner to think through your relationship beforehand. It’s no secret that marriages are stressful, but a well-thought-out prenup can go a long way to alleviating some of the stressors that come with it. If you’re in the market for a legal document that will protect your spousal rights and assets, call in the experts at Tully Rinckey to see how we can help. From advising on the best way to go about it to assist with its execution, you can count on us. We’ll happily discuss your situation at a time that works for you. Contact us to schedule your free consultation.
It’s a commitment
In the event of a divorce, dissolution, or death of a civil partnership, a prenuptial agreement specifies how the couple’s assets will be divided. This may include how much money each spouse will receive in a divorce settlement, who will own what property, and who will pay off the other party’s debts.
A prenuptial agreement can be fun and informative for couples of all ages, from young professionals just starting with student loans to older people entering into second marriages with newfound wealth. Regardless of age, a well-thought-out prenup can save one or both parties countless headaches and expenses in the future. The most important part of the process is having an unmistakable and open conversation about your finances before you say “I do” and executing the documents correctly. The best way to ensure your prenuptial gets the green light is to hire a competent family law attorney to guide you through the legal maze.
It’s a way to protect your assets
Whether you own real estate, a business, investment funds, or anything else that has value, a prenuptial agreement can help protect your assets from being divided in divorce.
Using a prenuptial agreement can also ensure that your premarital assets remain yours, even if you acquire new ones during the marriage. This differs from common law property, where assets acquired before the marriage are considered sole and separate property unless you and your spouse agree to make their joint property.
In addition to preventing asset division, a prenup can allow you to preserve ownership of value increases for real estate and investment portfolios that grow during your marriage. This can significantly make all the difference in a divorce if you invest in properties expected to increase in value over time.
