New Jersey couples preparing for marriage have much to plan for. One topic that might be complex and outright uncomfortable is a prenuptial agreement. This document can be essential if the marriage does not work out.
The prenuptial agreement’s cost and value should be understood
Before dismissing the idea due to its negative perceptions, it is imperative to know the facts about it. Regarding cost, it depends on the circumstances and the complexities.
Creating a comprehensive prenuptial agreement can be challenging for people with high assets and substantial income. The more time and work it takes, the higher the cost. More straightforward prenuptial agreements will be easier to complete and will likely cost less.
People should assess their situation when considering a prenuptial agreement and debating whether the cost is worth it. The document can detail how much will be paid in alimony, clearly state how property will be divided and give layers of protection in the event of divorce.
For example, if one person has property, a well-funded portfolio and savings accounts while the other person entered the marriage with far less, it could be worrisome as to how property division will be handled in a divorce. The same holds true if both sides enter the union with hefty assets to consider. Martial agreements can be a shield to avoid lengthy legal disputes during a divorce.
People should calculate the cost of not having a prenuptial agreement
Considering how much a prenuptial agreement costs beforehand ignores the long-term challenges of not having one. For people with a great deal to protect, it is wise to discuss a prenuptial agreement with a prospective spouse and a qualified professional to gather information on how it could be a worthwhile option.