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Prenuptial agreements—also called prenups—are legal arrangements and contracts outlining the division of property and other assets should the couple later separate and divorce. Creating enforceable and effective agreements requires careful planning, preparation of terms, and ensuring compliance with state laws, as an error can cause a family court judge to determine the contract is invalid.
Not only do marital agreements, such as prenups, protect you and allow you to make crucial decisions and arrangements, but they can also be a vital part of estate planning. Call a dedicated O’Cathain Law Group Family Lawyer today to learn more about creating a prenuptial agreement in Hackensack.
Some examples of the benefits of prenups include the following:
During the initial consultation, a Family Law attorney in Hackensack who is knowledgeable about creating a prenuptial agreement can guide the couple through the process and answer questions about the benefits and requirements.
State laws provide the acceptable contents and legal requirements necessary to create a valid prenuptial agreement, and any mistakes can cause the family court judge to determine that it is invalid and unenforceable. Furthermore, it can give one party reason to contest the validity of the arrangement when they enter into divorce proceedings. Per the guidance of the New Jersey Revised Statutes § 37:2-34, premarital and pre-civil union arrangements may address the legal rights, responsibilities, and obligations of each party to the contract, including property owned by one or both people and the right to sell or transfer the property.
The agreement may also address the division or disposition of property should the union end or upon death. The document may also cover estate planning and the creation of a will, trust, and life insurance policies. Couples entering into marriage may address rights, responsibilities, and obligations in compliance with New Jersey state laws.
The New Jersey Uniform Premarital and Pre-Civil Union Agreement Act, also called UPA, provides specific requirements to ensure the contract is valid and enforceable. Each party must enter into the contract without coercion and make full financial disclosure before preparing the agreement to ensure each has an accurate understanding of the other individual’s income, assets, and outstanding debt.
Legally binding prenups are to be in writing and signed by both parties. Finally, the terms of the arrangement must be fair, equitable, and just, and one may not favor the other. A family lawyer from O’Cathain Law Group, experienced in creating a Hackensack prenuptial agreement, can review the statutes and draft the documents, ensuring compliance with the law.
Prenuptial agreements are rising in popularity, and are legally binding contracts that protect those entering the arrangements and are as important as any other estate planning document.
Prenups provide protections for you and your partner, including for assets and property you enter the marriage with, shielding you from the other party’s debt and reducing tension and disputes if you decide to end the union later. Meet with a member of a dedicated family law team about creating a prenuptial agreement in Hackensack. Schedule a consultation today to learn more and Move Forward.