Your Guide to Entering Prenuptial Agreements in New Jersey
The COVID-19 pandemic has caused many couples to consider Prenuptial Agreements because they needed to delay their wedding dates for the foreseeable future. This delay provides a good opportunity for individuals to speak with divorce attorneys regarding the best way to protect themselves with a prenuptial agreement.
Prenuptial Agreements and Premarital Agreements
In New Jersey, prenuptial agreements are codified by statute, and technically referred to as “premarital agreements.” The only express rules for prenuptial agreements in New Jersey are that they must be in writing, must be signed by both parties, must include a list of the financial assets of each party, and they become effective upon the date of marriage. It is also worth noting for couples planning to have children, a parent cannot waive child support in the event of a future divorce if children are born during the marriage. Many couples tend to wait until the last minute to plan or discuss a prenuptial agreement, but the best strategy is to plan for one well in advance of the wedding date to avoid unnecessary stress and drama.
Therefore, with many wedding dates pushed back to late 2020 or early 2021, the time is ripe for prenuptial agreement planning. If you are considering a detailed and legally sound prenuptial agreement, it is best to immediately contact a matrimonial law attorney with experience in this area, and describe in detail your preferences for the terms of the agreement.
Is There Room For Negotiation in a Prenuptial Agreement?
As long as the prenuptial agreement meets the basic conditions set forth above, most other terms can be negotiated as long as the other party agrees to them. For example, the prenuptial agreement can include provisions regarding alimony, the disposition of property such as a house or other investment properties, and how respective business interests will be handled, either those started before the marriage, or during. Potential issues of custody and parenting time can also be drafted, but those are always subject to later modification upon divorce.
Avoid High-Conflict Divorce Litigation
Prenuptial agreements can become particularly helpful if the marriage dissolves and turns into high-conflict divorce litigation. In that instance, the more detailed the prenuptial agreement, the less likely that a party seeking to vacate it will be successful. If there is hesitance by one party to disclose their financial assets during the course of negotiating the prenuptial agreement, that can be cause for concern but it is better to learn during the process. The more disclosure before the effective date of the marriage, the better for enforcing the terms of the prenuptial agreement upon divorce/marital dissolution.
Please contact our office to discuss any issues relating to the drafting of a prenuptial agreement.
