When people get married, they are usually caught up in the emotional journey of their union. Few people consider the implications a divorce would have on their assets if the marriage didn’t work out. Unfortunately, divorce is a very real possibility. Over 50% of marriages end in divorce and those divorces will often end with a judge’s decision on matters, including spousal support, child support, child custody, and division of marital property. People need to protect their pre-marital assets from such an event. People will often ignore the usefulness of a prenuptial agreement because of the preconceived notion that it sends a message of distrust. That is not the case. Many times, people will consider a prenuptial agreement because it takes the money out of the whole arrangement leaving only what matters. If you are considering a prenuptial agreement, Paris P. Eliades Law Firm, LLC is available to offer any legal advice and draft a durable prenuptial agreement. Contact Paris P. Eliades Law Firm, LLC for a consultation.
Marital Property and Exempt Property
Everyone should consider protecting his or her assets from unforeseen circumstances. Both the modest living to the high net worth individuals have assets that they wish to stay exempt property and a prenuptial agreement is a good way to protect those things. In New Jersey, one of the most contested issues addressed in divorce cases is the distribution of assets. New Jersey equitably divides assets, which means it allocates marital property in a fair and just manner for both parties. For many, prenuptial agreements are a way to circumvent the potential litigation that could come from a case related to the division of assets.
Prenuptial agreements explained
Prenuptial agreements are legal contracts drafted and signed before a marriage. They detail the settlement of the couple’s affairs in the case of divorce, separation, or death. According to New Jersey law, there may be no language related to child support or custody. The court must act in the child’s best interests and an agreed-upon arrangement before marriage does not allow for the court to fulfill that obligation. A valid prenuptial agreement must:
- Be in writing
- Be voluntary
- Include a full disclosure at the time of execution
- Be fair and just
- Be notarized
Postnuptial agreements explained
When spouses are already married, they are no longer allowed to draft prenuptial agreements to outline how certain assets shall be distributed in the event of a future divorce. However, if you are already married, you may still draft a postnuptial agreement. These agreements essentially serve the same function as prenuptial agreements, though they are drafted after marriage.
Contact a Sparta firm to guide you through prenuptial agreements
At Paris P. Eliades Law Firm, LLC, we understand that spouses may need to protect assets against unforeseen circumstances. Our experienced and diligent attorneys know what is necessary to protect your assets from the possibility of divorce. If you require legal advice or someone to draft a durable prenuptial agreement, Paris P. Eliades Law Firm, LLC is here to serve. Call us for a discreet consultation today.