A prenuptial agreement is often viewed as an unromantic piece of paperwork that hinders the excitement that surrounds a new marriage. There are also certain stigmas attached to this legal document. But this does not necessarily mean that these stigmas are grounded in truth. Read on to discover the most common misconceptions surrounding these contracts and how one of the seasoned Bergen County prenuptial agreement attorneys at McNerney & McAuliffe can help you execute one.
What is a prenuptial agreement?
Understandably so, you likely do not want to think about a potential divorce when you are planning a wedding with your future spouse. However, it is never a bad idea to be prepared. This includes drafting and executing a prenuptial agreement.
Essentially, a prenuptial agreement is a legal contract that outlines what will happen to your and your spouse’s assets in the event of a divorce. What’s more, this agreement may disclose clauses for how to handle potential divorce-related terms, such as alimony payments. This allows you and your spouse to maintain control over these matters rather than leaving your fate in the hands of a New Jersey family court.
What are the most common misconceptions about prenuptial agreements?
You may still be left unconvinced that a prenuptial agreement is a necessary document to establish before your marriage. Though, you must consider that you are possibly holding a viewpoint that is based on misconceptions. The most common examples are as follows:
- A prenuptial agreement is only needed for high-net-worth couples: rather, this legal contract may protect your and your spouse’s future financial disputes of any magnitude. It allows arrangements to be made for low-value assets and high-value assets alike.
- A prenuptial agreement only protects the spouse with higher-value assets: rather, this legal contract is supposed to act fairly toward both you and your spouse. It allows the spouse with lower-value assets to understand their financial entitlements as they enter into the marriage.
- A prenuptial agreement is expensive to establish: rather, this legal contract is less expensive than what it would be to fight over assets in litigation proceedings; it is a small price to pay for a great peace of mind.
- A prenuptial agreement is only relevant in a divorce: rather, this legal contract may outline your and your spouse’s financial ownership over certain assets and financial expectations of one another upon entering the marriage.
- A prenuptial agreement will rarely hold up in court: rather, this legal contract is enforceable in your divorce proceedings so long as the family court considers it valid under New Jersey law.
There is no time like the present to draft your prenuptial agreement. So reach out to a competent Bergen County family law attorney from McNerney & McAuliffe today.