Unfortunately, there is a stigma surrounding prenuptial agreements that makes many couples afraid to have a conversation about these documents before getting married. People often assume that if you’re talking about the potential for divorce before you’re even legally married your relationship is bound to fail. However, this is far from the truth. If you’re interested in learning more about these documents and what you should include if you and your soon-to-be spouse decide a prenup is right for you, you’ll want to keep reading You’ll also discover why it’s important to obtain the guidance of a Somerset County prenuptial agreements attorney if you’re ready to begin this process.
What Is a Prenup?
A prenup, formally and legally known as a prenuptial agreement, is a document a couple creates before they are legally married. In the document are terms and conditions for how they will proceed should they get a divorce or one spouse passes away. Most commonly, this covers how property and assets will be distributed but can also include terms related to alimony. Additionally, it can include terms related to inheritances one spouse may receive throughout the marriage.
Though many people assume discussing divorce before being legally married is a sign that the marriage is doomed to fail, this is far from the truth. In reality, creating a prenup helps ensure the couple is on the same page financially, as each party must disclose all their assets, including debt. As such, this creates open communication around one of the most stressful aspects of marriage.
What Terms and Conditions Should I Include?
If you are interested in creating a prenuptial agreement, understanding the terms and conditions you should include in the document is critical.
One of the first things that should be covered in your prenuptial agreement is how you will handle your pre-marital property. This is any asset or debt you obtained before the marriage. In New Jersey, this is considered separate property. However, if you co-mingle these with assets obtained during the marriage, it can be considered marital property and is subject to equitable distribution. As such, your prenuptial agreement can clarify your pre-marital assets and how they will be handled during your divorce.
Additionally, your prenuptial agreement should cover how you will handle spousal support payments should you divorce. Many people are unhappy with the support orders issued by the courts, as the paying spouse may feel it’s too high, while the recipient may feel it’s too low. As such, the couple can work to determine the best payments for their needs. For example, you may determine that the higher-earning spouse will give up a certain percentage of their income to the other spouse to ensure that this is fair if they receive a raise or promotion later.
It’s important to note that you cannot establish child custody in a prenuptial agreement. This is because the courts ultimately have the final say regarding these matters.
As you can see, many important considerations must be made when creating a prenuptial agreement. That’s why it’s in your best interest to have an experienced attorney to help ensure the terms and conditions in the document are fair and in your best interest. At the Siragusa Law Firm, our team is ready to help. Connect with us today to learn more about these matters.
