A prenuptial agreement is a document that declares how a couple’s assets should be split in the event that their marriage comes to an end due to separation, divorce, or death. Because of this negative connotation, many couples avoid making prenuptial agreements. But, a prenup is no indication of a future divorce. Instead, it allows both parties to enter their marriage feeling safe and secure. Many couples come to realize that they should have created a prenup after the fact. So, what is there to do? Luckily, you can still create a postnuptial agreement. Read on to learn more.
What is a postnuptial agreement?
A postnuptial agreement serves the same purpose as a prenuptial agreement, only it is created after a wedding, rather than before. Couples may choose to create a postnuptial agreement in the following cases:
- 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
If you are interested in creating a prenuptial or postnuptial agreement, our firm is here to help. Reach out today to discuss your options with an experienced family law attorney.
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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.