The thought of signing a prenuptial agreement (prenup) may seem unromantic and unnecessary when you are engaged to be married. Perhaps you’re afraid that setting up a prenup now shows that you have little faith that your marriage will succeed. However, creating a prenuptial agreement before marriage is a good way to safeguard your different assets and financial interests, just in case you and your future spouse grow apart.
For example, a prenup in New Jersey can help to ensure that your premarital assets are protected. Having a prenuptial agreement in place can lessen the unpleasantness of a challenging and drawn-out divorce process, should one occur, as an agreed-upon allocation of assets has already been decided.
What does a prenuptial agreement address?
In New Jersey, a prenuptial agreement can be created to safeguard any asset, such as your:
- Car, camper, motorcycle or boat
- Vacation home
- Trusts and other financial accounts
- Family business
- Insurance policies
Your requirements and circumstances can be catered to with a customized New Jersey prenuptial agreement. A “sunset” clause can also be placed in a prenuptial agreement. This indicates a date on which the prenup will expire and become non-binding for both parties. Couples who stay married with no end in sight can benefit from the sunset clause.
Requirements for a prenuptial agreement
A prenuptial agreement must comply with a number of legal conditions in order to be valid. In the event that your marriage ends in divorce, these guidelines help to ensure that the prenuptial agreement is beneficial to both parties. These conditions state that:
- The prenuptial agreement must be in writing.
- All parties to the prenuptial agreement must provide “full disclosure.”
- The prenup must be notarized.
- Both parties can only consent to a reasonable and fair prenuptial agreement
- The prenuptial agreement must be signed prior to getting married.
Each couple has unique needs that need to be addressed when they are creating a prenup. Therefore, it is advisable to seek assistance with the process before signing on any dotted lines.