“I love you, and I want to share my life with you till death do us part, but… let’s get a prenup.” What a way to start a marriage in New Jersey! A prenuptial agreement might be necessary, even help make a union easier, but to others, it may not. Here are the factors you need to consider when deciding if you want to assimilate this concession into your nuptials.
Prenuptial agreements in New Jersey
A prenup is a contract created by two people engaged to be married. The agreement outlines each person’s property rights and financial responsibilities during the marriage and in the event of a divorce.
In New Jersey, prenuptial agreements are governed by the Uniform Premarital Agreement Act (UPAA). The UPAA sets forth requirements that must be met for a prenuptial agreement to be enforceable. For example, both parties must enter into the agreement voluntarily and with full disclosure of their assets and liabilities.
Factors to consider when deciding if a prenup is right for you
A prenup may be helpful in the following situations:
- If you have been married before and have kids with your previous spouse
- If you have debts but want to protect your soon-to-be spouse’s credit rating upon divorce
- If either of you wants to waive your right to spousal support upon separation
- If you own a business and want to protect your interests in it
On the other hand, a prenup may not be right for you if:
- You strongly believe that talking about it may dull your relationship, as seen from your previous attempt to bring the topic up
- Your main concerns are only matters to do with child support and custody
- The New Jersey family laws address issues you want to cover on the prenup
- You are too late, in which case you should consider a postnup
While it’s true that a prenup can take away a slice of the romance during your honeymoon phase, you may need it depending on your unique circumstance. You can always find the right time to have an open conversation with your soon-to-be partner to assess if it may be the best option for you.