If you are preparing to walk down the aisle, you may consider creating a prenuptial agreement. In today’s society, more couples decide to establish this type of legal agreement to safeguard their assets. Understandably, couples entering into a marriage do not want to believe their marriage will fail. However, it is better to take precautionary steps to protect your hard-earned assets and financial security for the future in the event the marriage does not work out. There are several benefits to creating this legal contract. However, some factors affect whether it is enforceable. Keep reading to learn what makes a prenuptial agreement fair and discover how a seasoned Somerset County Prenuptial Agreement Attorney can help you ensure your prenup is valid.
What is a prenuptial agreement?
A prenuptial agreement is a written contract between two people that is created before they get married that stipulates how major issues such as the division of assets will be handled in the event of a divorce. Essentially, this type of legal agreement allows couples to dictate who gets what when dissolving the marriage. This type of contract is extremely beneficial as it allows couples to control how their separate and newly acquired assets will be distributed. There is a common conception that only couples with great wealth should establish prenuptial agreements. However, that is not the case. Any couple with assets can benefit from creating this type of legal agreement as it gives them control over what happens to their assets in the event of a divorce. If a couple does not establish a prenuptial agreement, the decision on property distribution falls into the court’s lap. New Jersey is an equitable distribution state. Therefore, a couple’s marital property is divided fairly, but not necessarily in an equal split. This can result in unfavorable divorce terms. To reach a favorable divorce agreement, it is better to have the terms that will apply to the termination of the marriage already set in stone.
What makes it fair?
To ensure a prenuptial agreement is enforceable, the terms dictated must be fair for both parties. If it is unfair, the contract will not be enforceable as it can be invalidated if the contract seems one-sided. For this type of agreement to be valid, one spouse cannot receive everything while the other party receives a small portion of their marital assets. In addition, to ensure this contract is fair, one party cannot be forced to enter this agreement. Essentially, one party cannot be intimidated, pressured, or forced into agreeing to the terms outlined in the agreement. They must enter willingly. Moreover, each party must disclose all of their financial obligations and assets. If all assets are not disclosed, the court will not enforce the prenuptial agreement as it does not account for all assets.
For more information on prenuptial agreements, contact a trusted Somerset County prenuptial agreement attorney. Our firm is prepared to help you safeguard your hard-earned assets through this type of legal agreement. We can help you ensure your prenuptial agreement is fair and enforceable.