A prenuptial agreement comes with its positives, such as giving you and your future spouse the ability to outline what will happen with certain assets and other divorce-related terms in the unfortunate event of a divorce. Though there are many pros, there are also negatives that come with this contract. Continue reading to learn the pros and cons and how one of the experienced Bergen County prenuptial agreement attorneys at McNerney & McAuliffe can help you navigate this situation.
What are some pros of establishing a prenuptial agreement?
The most obvious reason that a prenuptial agreement is beneficial is that it can protect your assets and possessions in a potential divorce. Examples of such assets and possessions are as follows:
- Your real estate properties.
- Your cars.
- Your bank accounts and/or investment accounts.
- Your business assets.
- Your inheritances and/or gifts.
- Your valuable personal possessions that you wish to pass down to beneficiaries.
The alternative is these assets and possessions being up for equitable distribution in your divorce proceedings, where a New Jersey court will divide them up between you and your spouse in a way they believe is fair and just.
Another pro to establishing a prenuptial agreement is that, if you do unfortunately get a divorce, your proceedings may be much quicker and cheaper. This is because, with your divorce-related terms already written out, it is less likely that you and your spouse will have to undergo a highly-contested divorce that must be dealt with through litigation proceedings. This goes hand-in-hand with an additional benefit, which is the fact that a prenuptial agreement lets you and your spouse make your own decisions, instead of attorneys and judges doing so on your behalf.
What are the cons of a prenuptial agreement?
We cannot mention the pros of a prenuptial agreement without disclosing the cons that you and your spouse should heed. For one, talking about what you would do in your divorce even before you get married is not a romantic conversation. This conversation may even bring up sad emotions or arguments. But the silver lining to this is that you and your spouse must have serious financial conversations before you enter into your commitment. So, discussing your assets, liabilities, earning capabilities, retirement plans, etc. upfront may just help you in the long run.
In addition, a prenuptial agreement may just be beneficial for one spouse. Meaning, a one-sided contract may protect your spouse in a divorce, but not you. With that being said, before signing, you must review the divorce-related terms within your prenuptial agreement with a skilled Bergen County family law attorney. We will work to make sure that you are taken care of, so call us today.