Planning for a wedding can be one of the most exciting periods of time for New Jersey couples. Most soon-to-be married men and women spend time choosing flower arrangements, scouting ceremony locations and shopping for dresses, but many people forget one very important option -- the prenuptial agreement. When it comes to divorce, prenuptial agreements can address the financial stressors that can plague the process for many people.
Financial disagreements can sometimes be minor, but for the majority of married couples, money issues are a significant problem. An expert on the matter who recently co-authored a study regarding money problems and divorces argued that financial issues are not just one of the main causes of divorce, but that they are the absolute top reason for filings. Frequent arguments regarding money is actually one of the biggest predictors that a couple will decide to end their marriage.
Couples who address important life matters both before and during their marriages tend to argue less frequently regarding financial matters. This is perhaps because being open to discussions regarding familial-based differences can allow couples to address these issues in a timely manner. However, remaining open to talking about money issues does not necessarily preclude couples from deciding to end their marriage.
By making a prenuptial agreement, couples can do much more than just open the discussion for financial and other important matters. Since New Jersey couples divorce for a wide variety of unique reasons, prenuptial agreements also provide protection for both parties during property division and other divorce processes. This is especially true for individuals who come into a marriage with high-value assets or who are marrying someone with significant debt.
Source: benzinga.com, "Debt And Divorce: Why Talking Before Tying The Knot Is So Important", Rebecca Sheppard, Oct. 2, 2016