Getting a divorce is usually never an easy process. It requires spouses to separate their lives from one another after joining them. One step that is generally fairly difficult is dividing assets between the spouses. However, if both spouses take the time to sign a prenuptial agreement, they can save themselves from this difficult financial situation.
What is a Prenuptial Agreement?
A prenuptial agreement is commonly referred to as simply a “prenup.” This is a contract between two future spouses to determine the division of their assets in the event that they go through a divorce in the future. This document is signed by both individuals before their marriage takes place.
What are the Benefits of Signing a Prenup?
When two spouses get a divorce without a prenup in place, they usually need the assistance of the court to divide their assets for them. This can become a long and difficult process that can sometimes even grow to be hostile. While many people tend to avoid discussing a prenup, going through litigation to divide their assets can be more complicated than having an uncomfortable conversation about a prenup.
In addition to this, spouses are generally not satisfied with the outcome of the division of their assets by the court. By drafting a prenup, both spouses are able to negotiate and secure their hard-earned assets from the start. A prenup can also protect a family’s inheritance that is passed down through generations.
Creating a Valid Prenup
When drafting a prenup, it is important to make sure you are doing so legally. In the event that an invalid prenup is created, it can later be deemed as such and the content can be thrown out during a divorce. It is beneficial to hire an experienced attorney to guide you through the process of creating a prenup. The main qualifications for a prenup in the state of New Jersey are as follows:
- The agreement must be fair for both parties
- It must be in writing
- The document must include a full disclosure at the time of execution
- It must be notarized or legalized by a notary
- The document must be executed before marriage
Spouses are not able to draft a prenuptial agreement after they are already married. However, it is possible for them to still sign a postnuptial agreement. This document functions the same way as a prenup.
Contact our Firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Russoniello & Dunn is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.