Traditionally, prenuptial agreements have been thought of as something only rich people need. In some cases they have also been viewed as harbingers of doom for a marriage before the wedding takes place. However, a prenuptial agreement may be an effective tool for anyone who wishes to protect their New Jersey home or who want financial security in the event that their spouses die or become incapacitated.
Almost everyone has assets they want to protect
A prenuptial agreement can be used to protect the $5,000 emergency fund that you spent years building prior to getting married. It can also be used to protect intellectual property such as the name of a business that you haven’t created yet. It can also be used to stipulate that a home, car or other assets that might be classified as joint property under state law will remain in your possession if the marriage ends.
Don’t skip the financial talk
Creating a prenuptial agreement means that you have to talk to your spouse about money. This is important as financial tensions are among the top reasons why you may eventually appear before a family law judge. By the time the agreement has been executed, you will clearly know where you and your spouse stand on issues such as how to invest or who will stay home to take care of the kids. Ultimately, you may actually feel more secure in your marriage after crafting a prenuptial agreement than before talks began.
When structured properly, prenuptial agreements are generally recognized by New Jersey courts. Typically, they can only be used in regards to property division or other financial issues such as who keeps a bank account in the divorce. Child custody or support cannot be addressed.
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