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The adage says, you’ll need, something old, something new, something borrowed, something blue when getting married. We’d like to add, and a prenuptial agreement (or pre-nup), too.
A prenuptial agreement is a binding, legal contract entered by both parties, prior to the marriage, that sets forth the terms for the dissolution of the marriage, should divorce occur. No one, of course, likes to think about the end of a marriage before the wedding bells have even rung, but a good prenup can save you a major headache down the road. A recent Harris Poll found that prenuptial agreements are on the rise, with 15 percent of the married population reporting they’ve signed a pre-nup— as compared to only 3 percent in 2010. Axios examined that poll and found that 50 percent of Americans are open to a prenup, and that they’re on the rise as younger generations marry.
If you’re contemplating marriage, reach out today to the O’Cathain Law Group Family Law Department to discuss the benefits of a prenuptial agreement in Hackensack. The chair of our Family Law Department, Francesca O’Cathain, Esq., is certified by the New Jersey Supreme Court as a matrimonial law attorney, and our legal team will work with you to craft the prenuptial agreement that’s right for your marriage.
Having a prenuptial agreement in place can dictate what happens to both individual items coming into the marriage (for instance, so one partner’s prized record collection doesn’t become joint marital property) and marital property (the largest example being the marital residence). A prenup can save a lot of the arguing over the Equitable Distribution part of divorce— who gets to keep what.
If one partner enters the marriage with significant wealth, these monies can be protected in a prenuptial agreement so that even in the unlikely possibility of divorce, they are not subject to post-divorce finances.
If one partner enters the marriage with significant debt— or racks up outstanding debt during the marriage— a prenuptial agreement can protect one partner from the crushing debt of another.
Perhaps one partner wants to be sure the family dog lives with them after a divorce, or that disputes will be resolved by mediation, not court. All these sorts of individual concerns and specific desires can be ironed out in a prenuptial agreement— including, say, use of the family’s time share.
If one partner enters the marriage with a portfolio, i.e., money in the market, or other types of monetary assets— think a 401k, an I.R.A., etc.— these assets can be protected in a prenuptial agreement.
Finally, there’s a common misconception that prenuptial agreements are only for the wealthy, the rich, the well-heeled. This is untrue; a prenuptial agreement can be beneficial to anyone, no matter their socioeconomic status, entering marriage.
A prenuptial agreement can stop a lot of fights in divorce before they even begin. Consider a prenuptial agreement in Hackensack today.
Ready to Move Forward? O’Cathain Law Group Family Law Department has the team for you. We know the benefits of a prenuptial agreement in Hackensack and are here to craft, with you and for you, the right prenuptial agreement for your marriage.
Call (201) 488-1161 to schedule a consultation, email in**@ol***.com for more information, or simply fill out the online intake form here.