A prenuptial agreement is essential for any successful couple in New Jersey. These formal contracts help couples to control their futures financially in case they end up getting a divorce. However, myths surrounding prenups often keep couples from using them to protect their assets and one another in the event their relationship ends.
A common misconception about prenuptial agreements is that they will leave one of the spouses destitute. In reality, a prenup is not made to benefit the partner who is already financially stronger while making the other partner even poorer, money wise. Rather, the typical aim of a prenup is to safeguard the individual assets that each party brings to a marriage.
A prenuptial agreement also protects the assets that both spouses accumulate together -- for example, a business or house. The agreement spells out how the marital assets should be allocated during a divorce proceeding so that the outcome is fair to both parties. Issues such as alimony can also be addressed in detail.
A major benefit of a prenup is that it can evolve. A strong prenuptial agreement can serve as a foundation for creating a postnuptial agreement as a married couple's lives and circumstances change. For instance, it may be necessary to renegotiate terms to address changing financial realities. A New Jersey attorney can help with the process of drafting a prenuptial agreement that offers the necessary financial protection in case divorce occurs at a later point in time. Additionally, the contract may also address specific scenarios contemplated during the course of the marriage.
Source: vegasinc.com, "Why successful couples need a prenup", Brian P. Eagan, March 6, 2017