Many people believe that prenuptial agreements (also called premarital agreements) are only meant for wealthy couples who have significant assets to protect. Prenuptial agreements are also considered by many people to be something that harms a marriage more than helping it. While no one wants to acknowledge that the marriage that they are about to enter into could one day end in divorce, it is important to understand that prenuptial agreements can be useful tools which could protect both of you in the event that you get divorced. The issue of whether to enter into a prenuptial agreement with a prospective spouse is something that the two of you should discuss with a qualified New Jersey family law attorney.
A prenuptial agreement is an agreement which prospective spouses enter into prior to getting married, and which becomes effective on the date of the marriage. If a couple with a valid prenuptial agreement decides to divorce, the couple’s assets and responsibilities will be divided up according to the agreement instead of according to the state’s statutory scheme for how property and parenting are to be divided amongst the parties to a divorce.
Prenuptial agreements have a variety of uses. One thing that a prenuptial agreement can do is keep family property in the family. For example, if you are the current owner of something which has been passed down to you from previous generations of your family, it is probably very important to you that you retain ownership of that item so that you can continue the tradition of passing it down to subsequent generations. You can use a prenuptial agreement to specify that in the event of a divorce, that important item or collection of items is to be retained by you instead of being divided up along with your other assets. Business owners often use prenuptial agreements to protect their interests in the businesses that they have worked hard to create. Individuals who have children from a previous relationship or marriage use prenuptial agreements to ensure that they will be able to provide for their children in the event of a divorce. These are just a few of the ways in which prenuptial agreements can be useful.
To learn more about whether a prenuptial agreement could be beneficial for you and your prospective spouse, call the office of Girolaw now at (201) 690-1642 to arrange a free consultation with an experienced New Jersey family law attorney.