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The value of a prenuptial agreement

| Aug 31, 2015 | Family Law |

When a couple is about to get married, divorce is probably the last thing they are thinking about. However, divorce is a possibility, and a prenuptial agreement might make it less complicated. Most people assume that prenups are for the wealthy, but New Jersey residents might be surprised to learn that these agreements benefit all couples.

While prenuptial agreements will be specific to each couple’s situation, there are certain things that must be included. To begin figuring out what they need to work on, each person must be ready to have full disclosure of their financial status. This includes each person’s income, savings, debts and things such as any past financial mistakes. Each person must be honest about their past and current financial status, as well as their financial goals for the future.

The couple then needs to start working on their agreement. One thing to focus on is where they want to go financially, such as buying a house, and how they plan to work together to get there. They also need to decide how they will handle any financial challenges that might present themselves and make a commitment to make important financial decisions together. These decisions might include how to deal with past financial issues, such as debt or bankruptcy, or future ones, such as how to pay for their children’s education. Another agreement that must be made is how they plan to manage their money. Each couple has a different system, but the important thing is to agree on one that works for both and stick to it.

Having these things sorted out before marriage might help to ease the stress and emotions that come along with a divorce. A lawyer might be able to then the use prenuptial agreement to begin the discussion of the couple’s division of assets in case of a divorce.

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