Prenuptial agreements are often misunderstood and misinterpreted. Read on to learn more about the stigma associated with prenups, why you should create one, and why full financial disclosure is so important.
Why Should I Get a Prenuptial Agreement?
Many couples choose to create a prenuptial agreement. A prenup will declare how your and your spouse’s assets will be divided in the event of divorce or death. A lot of people shy away from the idea of a prenuptial agreement because of the negative connotations, but in reality, a prenup in no way indicates a future divorce. Instead, it serves as a good way to get the uncomfortable financial discussions out of the way and start your lives together knowing that your assets are protected. Additionally, many people operate under the false assumption that prenuptial agreements are only beneficial to those of certain financial status. This is not the case. We all have assets we care about and wish to protect.
A prenuptial agreement may cover topics such as:
- Division of assets
- Real estate
- The appreciation of assets
- Inheritance of finances and other assets
Full Financial Disclosure
Full financial disclosure is one of the most important aspects when it comes to creating a prenuptial agreement. Sometimes, one may fail to disclose an asset, whether it be purposeful or simply an accident. This may seem harmless, but it can actually have serious consequences. Failing to disclose your financials can make your prenup invalid in the eyes of the law. This can lead to a long and expensive litigation process. The financial matters that had originally been resolved in the prenup will be back on the table, causing you to potentially lose some important assets. Lastly, the failure to fully disclose your financials can be seen as fraudulent activity. This could create a slew of legal problems, on top of the divorce.
What Else Makes a Prenuptial Agreement Valid?
Like most legal documents, a prenup must be created and filed in a certain way to be considered valid. In addition to full financial disclosure, you will need to meet the following requirements. The prenup must:
- Be in writing
- Be voluntary
- Be fair and just
- Be notarized
If you are interested in creating a prenuptial or postnuptial agreement, contact our firm today.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.