Most spouses do not consider what would happen if they one day decided to get a divorce. Fortunately, most spouses never have to worry about such a thing. However, when spouses decide it’s time for a divorce, they very often regret not planning ahead by drafting a prenuptial agreement. Without a marital agreement in place, your assets may be thrown into the litigation process, which is usually equally stressful for both parties. The litigation process is often a drawn-out, expensive, and emotionally taxing process, which is why many couples seek to avoid it altogether.
Fortunately, if you are still married, you are not out of luck. You may draft a postnuptial agreement, regardless of whether you and your spouse are considering a divorce to protect your assets, just in case. If this sounds like something that may work for you, here are some of the questions you may have:
Why would spouses draft a postnuptial agreement?
- If they wish to clarify or revise how property and other assets should be divided if they get a divorce
- If they seek to define each party’s wishes for the property they owned before their marriage
- A couple wishes to document how marital debts will be divided in the event of a divorce
- A couple wishes to address how assets will transfer over if either spouse dies during the marriage
- If one spouse recently came into a significant amount of money, such as a large inheritance or a job promotion
- Sometimes, a spouse can request future support if he or she stopped working to care for their children
- One spouse is insecure about his or her financial situation and it is upsetting the stability of their marriage
How do I ensure my postnuptial agreement is valid?
There are five main qualifications for a valid postnuptial agreement in the state of New Jersey. They are as follows:
- Each party must retain separate legal counsel, or else specifically waive their right to counsel in writing
- Both spouses must completely and fully disclose their financial status
- The terms must be “fair and reasonable” to both parties.
- There must be no evidence of manipulation, coercion, or deceit by either of the parties
- Both spouses must be given a reasonable amount of time to reach an informed and thoughtful decision
Contact our experienced New Jersey 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.