Heymann & Fletcher

Prenuptial agreements may protect people in the event of divorce

No matter how much people in New Jersey want their marriage to work out, sometimes it simply is not possible. One of the toughest aspects of going through divorce is determining how to split up assets, particularly when emotions are flaring. Prenuptial agreements, however, make the process of asset division much more seamless.

A prenuptial agreement is a legal contract where two people who are about to get married spell out exactly how their assets will be divided if they get divorced in the future. A huge benefit of a prenuptial agreement is that it provides complete disclosure of income, assets and debt. A prenuptial agreement additionally outlines which spouse will manage banking relationships, businesses and investments.

People also value prenuptial agreements in that they can help to prepare a couple for estate planning. An individual who has been married in the past and remarries may additionally use a prenuptial agreement to have his or her current spouse waive the right to be a beneficiary of his or her retirement plan. This may be especially important for those who want their previous spouses or current children to be their beneficiaries.

Prenuptial agreements typically are associated with celebrities. However, anybody in New Jersey who has business or personal assets that he or she brings to a marriage may benefit from this type of legal contract. Even if divorcing couples do not have prenuptial agreements in place, they can still negotiate on matters such as property division. If two people are able to achieve a mutually acceptable settlement during a divorce proceeding, they can avoid further court intrusion.

Source: Forbes, "Prenups: I Do Or Don't At Any Age", Neale Godfrey, Aug. 30, 2015

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