How Prenuptial and Postnuptial Agreements Impact Divorce?

The Freehold Divorce Lawyers at Lyons & Associates, P.C. Create Prenuptial and Postnuptial Agreements for Clients

When you are in the early stages of your relationship, you may not want to consider the possibility that your marriage could end in divorce. However, with close to half of all marriages ending in divorce in this country, it may be in your best interest to prepare for that possibility, particularly if you have substantial financial assets and property that you want to protect.

Prenuptial and postnuptial agreements allow you to make decisions about a range of issues, including the division of property and spousal support in the event that your marriage ends in divorce. If you have questions or concerns about how to set up a prenuptial or postnuptial agreement, do not hesitate to contact an experienced divorce lawyer at your earliest convenience.

What Is the Difference Between a Prenuptial and Postnuptial Agreement?

A prenuptial agreement is a legal document that specifies how you want your assets to be divided and managed if your marriage ends in divorce. This document is created before marriage and must be signed by you and your future spouse. A postnuptial agreement is similar to a prenuptial agreement in that it serves the same purpose of determining how you would like your assets divided after a divorce. However, unlike a prenuptial agreement, a postnuptial agreement is created after you and your spouse are married. This has become more common in states like New Jersey, where no-fault divorce laws have been adopted. Whether you intend to pursue a prenuptial or postnuptial agreement, it is always in your best interest to consult with an experienced divorce lawyer who can address any questions you may have and recommend the best legal course of action.

What Are the Main Benefits of Prenuptial and Postnuptial Agreements?

While a stigma has been associated with prenuptial and postnuptial agreements, they allow you and your spouse to address complicated financial issues, avoid future conflicts, and focus your time and energy on building a healthy relationship. The following are examples of some of the main benefits of prenuptial and postnuptial agreements:

 

  • Asset protection: Both agreements ensure that the assets you acquired before or during the marriage are protected and that they remain with the original owner in the event of a divorce.
  • Clarity: Prenuptial and postnuptial agreements specify how you want your assets divided and who should be responsible for your finances. This helps avoid conflict and misunderstandings between you and your spouse.
  • Protection for your children: A prenuptial or postnuptial agreement will protect your children’s inheritances, including children from a previous marriage or relationship.
  • Avoiding time-consuming legal battles: You and your spouse can avoid a time-consuming and contentious legal battle by addressing these matters before you are in the middle of a divorce.

Do I Need a Prenuptial or Postnuptial Agreement?

It is a common misconception that prenuptial and postnuptial agreements are only necessary if one or both spouses are wealthy. However, even couples with more modest means may want to draft a prenuptial or postnuptial agreement for the following reasons:

 

  • Allows you to pass separate property to children from previous marriages. If you do not have a prenuptial or postnuptial agreement in place in the event of a divorce or a death, your spouse may be able to claim a portion of your property, which leaves less for your children.
  • They protect you from your spouse’s debt, including those incurred after the marriage.
  • If you own a business, you can clarify how you want the business handled in case of a divorce.
  • You can outline the terms for spousal support, allowing you to avoid disputes during the divorce process.
  • Prenuptial and postnuptial agreements can address inheritance issues, ensuring your estate is distributed according to your wishes.

What Are Common Misconceptions About Prenuptial and Postnuptial Agreements?

While the most common misconception about prenuptial and postnuptial agreements is that they are reserved for wealthy couples, there are several other common myths about these agreements, including the following:

 

  • Having a prenuptial agreement increases the likelihood of divorce. This is not accurate. Prenuptial and postnuptial agreements are practical tools for financial planning.
  • Prenuptial and postnuptial agreements are unromantic. While discussing them may seem unromantic, doing so can strengthen your relationship and improve communication.
  • They tend to be one-sided. A well-crafted prenuptial or postnuptial agreement should be fair to you and your spouse and protect your financial interests.

What Factors Do I Need to Consider When Drafting a Prenuptial or Postnuptial Agreement?

Prenuptial and postnuptial agreements are legal documents that must meet the needs of both parties. As a result, there are several things to consider to ensure that your agreement is legally enforceable, including the following:

 

  • You and your spouse must fully disclose all of your assets, debts, and financial situations to ensure that the document is valid.
  • The agreement must be balanced. If a prenuptial or postnuptial agreement is heavily one-sided, it may be scrutinized, which can delay the process.
  • The document must be in compliance with state laws to be enforceable.
  • You and your spouse should each have legal representation to protect your rights.
  • The document should account for future contingencies like children, changes in income, or new assets.
  • The language should be clear and specific to prevent confusion or misinterpretation.

The Freehold Divorce Lawyers at Lyons & Associates, P.C. Create Prenuptial and Postnuptial Agreements for Clients

If you have questions about the benefits of a prenuptial or postnuptial agreement, it is highly recommended that you contact the Freehold divorce lawyers at Lyons & Associates, P.C. We will ensure that the document represents your best interest and protects your legal and financial rights. To schedule a free, confidential consultation, call us today at 908-575-9777 or contact us online. Our offices are located in Somerville, Morristown, and Freehold, New Jersey, where we serve clients in Somerset, Woodbridge, Morristown, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, Morris Plains, and Monmouth County.