As your wedding approaches, you may be excited to officially tie the knot with your fiance. However, among the planning and preparation, there’s one thing you may not have considered – divorce. Though no one wants to think about their marriage failing before it even happens, taking the measures to prepare and protect yourself through a prenuptial agreement is critical. If you and your spouse have discussed and agreed this is right for you, understanding what terms, including alimony, can be in a prenuptial agreement is critical. The following blog answers some of the most common questions you may have about this document and why you need a Somerset County prenuptial agreements attorney.
What Is a Prenuptial Agreement?
There is a common misconception that only those with considerable assets or high net worths can benefit from establishing a prenuptial agreement. These documents detail each party’s properties and debts and how they will be handled if you and your spouse divorce. Generally, couples use these to help protect their assets during a divorce, as the courts can adhere to New Jersey’s equitable distribution laws. As such, the courts will distribute marital assets, which include any property obtained during the marriage, based on each party’s financial and domestic contributions to the marriage.
These documents must be established before a couple is legally married, and each party must provide full disclosure about their finances, including bank accounts and debts. Aside from shielding assets, prenuptial agreements are suitable for those who want to ensure they and their partner are on the same page in terms of finances, as you’ll need to share your finances.
Can I Include Alimony in a Prenuptial Agreement?
In your prenuptial agreement, you may find that you can determine how to distribute your assets and debts. However, you can also determine matters like spousal support in your document. When you and your spouse discuss the terms and conditions of these agreements, you can work together to determine whether or not alimony is ideal for your circumstances.
Some couples may agree to waive alimony in exchange for a less even division of marital assets, while others will use their prenuptial agreement to detail the minimum payments made to a lower-earning spouse. You can also set a stipulation in place that alimony will only be awarded if the divorce occurs after a specific time frame, like five or ten years.
Though it may seem unnecessary to connect with an attorney for this matter, ensuring you have legal representation is critical. While you may love and trust your fiance, your finances are on the line. As such, letting an attorney review and ensure the terms and conditions of the agreement are fair is critical to protecting yourself.
If you and your partner have decided that a prenuptial agreement is ideal for you, the Siragusa Law Firm can help you establish one. Contact our team today to learn how we can assist you through these complex matters.
