No one enters a marriage thinking about what could happen if he or she goes through a divorce. You are probably not considering the potential of your marriage ending at some point in the future before you even walk down the aisle, but it could be wise for you to do so. It is possible to protect your future interests and have peace of mind over your long-term finances through a prenuptial agreement.
A prenup is a legal contract between two parties who are preparing to marry. It typically outlines what will happen to marital property and debt in case of a divorce. It can also address matters pertaining to spousal support and the financial responsibilities of each party during the marriage. While it may not seem like a romantic thing to do while planning a wedding, it can be a smart way to shield both you and your future spouse from the potential of future complications.
Benefits of this agreement
You may assume that a prenuptial agreement is something only necessary for the rich and famous or those with closely held assets. In reality, a prenup is something that can benefit people of all ages and income levels. Some of the benefits of drafting a prenup include the following:
- The type of agreement allows you to protect the inheritance rights and financial interests of children from a previous marriage.
- You can protect a small business or closely held assets in the event of a divorce.
- It will lower the risk of costly and stressful litigation in the event of a divorce in the future.
- You can outline the financial responsibilities of you and your spouse over the course of your marriage.
- It can limit the amount of spousal support you may have to pay to your former spouse after a divorce.
These are only a few of the benefits you may get from drafting this type of agreement. Like any type of contract, there may be drawbacks if there are issues with the terms in the agreement. You would be wise to be thoughtful and careful when negotiating terms and drafting your prenup.
The intent of a prenuptial agreement is to protect your interests and those of your spouse in the event of a divorce. Before you walk down the aisle, you may want to think about the benefits of having a prenuptial agreement. You may not even need it, but having a prenup can give both New Jersey parties peace of mind for the future.