Marital Agreements Often Protect Spouses In The Event A Marriage Is Dissolved
Although no couple wants to think about the end of a marriage, statistics show that close to half of all marriages will end in divorce. The odds of divorce are even higher if one or both spouses have been married before. Because of these daunting numbers, many couples have signed marital agreements. Marital agreements that are signed before a couple gets married are called prenuptial agreements, and contracts that are signed after the marriage are called postnuptial agreements. To ensure one’s legal rights are thoroughly protected when drafting and executing these agreements, each spouse should have legal representation. At Lomurro Law, our attorneys have assisted numerous clients with drafting marital agreements.
Prenuptial Agreements In New Jersey
The purpose of a prenuptial agreement is to determine how a couple’s assets will be divided in the event they divorce. Although many couples find these contracts depressing and uncomfortable to draft, they may save a significant amount of stress and money if the couple’s marriage ends. Couples often spend a great deal of time arguing over how their assets and debts will be divided, racking up thousands of dollars in legal fees in the process. However, with a prenuptial agreement in place, the couple knows going into the divorce how their property will be divided.
Prenuptial agreements are usually entered into by spouses who bring a number of valuable assets into the marriage. Prenuptial agreements may address the following types of property:
- Vacation homes and another real estate
- Substantial stock options
- Retirement accounts
- Future inheritance
- Cars and boats
- Antiques and artwork
A prenuptial agreement may address any items that the parties wish to include.
In addition to stating how assets and debts will be divided, the spouses may also include clauses about the type of behavior they expect during the marriage. For example, they could lay out what would happen if one spouse had an extramarital affair.
Postnuptial Agreements In New Jersey
Postnuptial agreements are essentially the same as prenuptial agreements. One major difference is that, at the time a postnuptial agreement is executed, a majority of the couple’s property will be deemed marital property. The parties will have to carefully determine how their assets will be divided if they decide to divorce at a later date. Many couples may wait several years before entering into a postnuptial agreement. Other couples decide to draft a postnuptial agreement if one spouse obtains a large amount of property.
The custody and visitation of the children may not be determined in advance. At the time a couple decides to divorce, the court will carefully examine each spouse’s individual ability to care for the children. The best interests of the child will trump other considerations in determining a custody and visitation agreement. Since substantial changes in circumstances may occur between the time the contract is executed and the time divorce papers are filed, any custody and visitation arrangements that were included in such an agreement will not be enforceable.
Contact Our Freehold, New Jersey, Prenup And Postnup Attorneys Today For A Consultation
If you are considering entering into a marital agreement, contact the family law attorneys at Lomurro Law. Our attorneys have represented clients of varying income levels and backgrounds in the execution of these important documents. To schedule a consultation, call 732-482-9285 or contact us online.