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Getting married comes with a lot of choices and decisions to make. Every person has at least heard the term “prenuptial agreement,” or “prenup,” but many couples are not sure what it means or feel it is a bad thing to have.
The truth is that a prenuptial agreement is a measure of protection for many couples rather than a negative thing between them. To understand this, it is essential to know what is included in Hackensack prenuptial agreements and what benefits they may have for you.
Most people think that a prenuptial agreement is a sign of distrust from someone entering a marriage. When it is mentioned, people often assume that the person who speaks of it first must be expecting the marriage to end. This is not the case at all. Additionally, many people think of prenuptial agreements as benefitting only the wealthy, when this is far from the case.
A prenuptial agreement is a contract between the couple that outlines explicitly their rights and responsibilities within the marriage. This is mainly for financial reasons and gives both parties a layer of protection against sharing debts, inheritances, and more.
New Jersey’s equitable distribution law divides marital assets and debts fairly, not necessarily equally. Some factors that influence how marital assets and debts are divided include:
Some protections a prenuptial agreement provides for Hackensack couples are:
Prenups clarify shared and separate property. Assets bought during marriage are shared. Separate assets were owned before marriage. Examples of this may include a house, a business, a boat, or any other thing that they would not want to “split” in the event of a divorce.
In the same way one person may bring a business or other asset into the marriage, they may also bring debt into the union. A mortgage, student loans, and other debts may be acquired before the marriage takes place. In a prenuptial agreement, the couple can decide who would pay the debt if their marriage were to end.
Alimony is decided on a case-by-case basis in New Jersey. However, if one person makes a significantly higher amount than the other, spousal support payments can be substantial. To avoid this risk, some couples opt to establish a fair amount before they get married.
Typically, inheritances or gifts from a relative or spouse are not subject to division during a divorce. They belong solely to the recipient. However, as an added layer of protection for the asset, it can be listed in the prenup.
Prenuptial agreements can protect children from previous relationships by including them as beneficiaries, safeguarding their interests in case of death or divorce.
When a Hackensack couple is creating a prenuptial agreement, there are a couple of things that cannot be added. These are important to keep in mind. They include decisions regarding child support or custody and provisions that detail anything illegal. It is crucial to seek advice from O’Cathain Law Group Family Law Department to get personalized answers to specific questions or concerns you have.
Deciding whether to have a prenuptial agreement or not is a big decision. The idea behind them is to ensure fairness in the event of divorce or death. All couples considering a prenuptial agreement should speak with a legal team before signing to ensure absolute fairness.
O’Cathain Law Group Family Law Department understands the importance of protecting your rights. We want to help you know what is included in Hackensack prenuptial agreements and ensure it is fair for you both. Contact us today to get started.