You may be considering creating a prenuptial agreement, but you are nervous to bring it up to your future spouse. Many people worry that creating a prenup starts a marriage off on the wrong foot. This is not the case. A prenuptial agreement is a legal document that declares how a couple’s assets will be divided in the event that the marriage ends through death or divorce. But, creating a prenuptial agreement in no way indicates an unsuccessful marriage. Instead, it allows both you and your partner to protect your assets. Additionally, it may get some of the uncomfortable money conversations out of the way, allowing you to begin your lives together without the financial aspect and “what-ifs” hanging over your head. Read on to learn more about prenuptial agreements and why full financial disclosure is such an important part of the process.
Should I Create a Prenuptial Agreement?
A lot of people believe that prenuptial agreements are only for individuals of certain net worth, or if one spouse has many more assets than the other. In reality, everyone can benefit from a prenuptial agreement.
When creating your prenuptial agreement, you may want to include the following :
- Inheritance of finances and other assets
- Spousal support
- Real estate
- The appreciation of assets
What Does Full Financial Disclosure Entail?
In order for a prenuptial agreement to be considered valid by a New Jersey court, it must meet the following requirements:
- Be in writing
- Include all financial information about both spouses
- Be notarized
- Be fair and just to both spouses
- Be executed before marriage
- Be voluntarily signed by both parties
You may wonder why it is necessary to include all financial information for both spouses. This is done so that each party is fully aware of the agreement they are entering into. If you fail to disclose all of your assets, your prenup may be considered invalid in the eyes of the court. In this case, your prenup will be thrown out and you and your spouse will need to determine the matters of your divorce without a prenup. This can involve a lengthy and expensive litigation process, so it is important to be entirely honest about your finances when it comes to creating your prenup. Additionally, failure to disclose your assets can be seen as fraudulent, and you may be subject to more legal trouble.
If you are interested in creating a prenuptial agreement or a postnuptial agreement, contact our firm today to get started.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
Here at McNerney & McAuliffe, we understand how confusing certain legal matters can be, which is why we are here to provide clients from all walks of life with the experienced, compassionate legal guidance they need. If you require the legal assistance of an attorney to help you through a criminal law matter, personal injury matter, family law matter, or otherwise, you can turn to us. Contact McNerney & McAuliffe today to learn more about what we can do for you.