Talking Prenups With Your Partner
Most people now know the statistics regarding U.S. marriages; about one half of them end in divorce. Many are taking steps to avoid the lengthy, contentious proceedings that occur all-too-often because couples do not agree on issues such as how their marital property will be distributed upon divorce. More than half of the attorneys polled in a recent American Academy of Matrimonial Lawyers study reported seeing an increase in the number of clients, particularly millennials, seeking prenuptial agreements, aka prenups, during the previous three years. Entering into a prenuptial agreement can be an effective way of protecting both parties’ assets in the event of divorce. However, broaching the topic with your partner is not always easy.
The Benefits of Prenuptial Agreements
A prenup can be used to not just protect your assets, but also to protect you from assuming the debts of your spouse; to document how your property will be distributed upon death or divorce; and to detail any special arrangements made between you and your partner. Absent a prenuptial agreement, the courts may decide how the marital property will be distributed. In equitable distribution states such as New Jersey, marital property is not necessarily divided equally, but rather equitably, based on factors such as each spouse’s age and relative health, duration of marriage or civil union, standard of living established during the marriage, the income or property brought to the marriage by each party, the present value of the property and each party’s contribution to the property.
By having a prenuptial agreement in place, couples can dictate how their assets should be divided in the event of divorce, instead of leaving the decision to a judge. Prenups can also be personalized to protect the financial interests of people entering into second marriages, children from previous marriages, the elderly, and individuals of substantial wealth. Despite the many benefits of a prenup, it can be difficult to broach the subject with your partner at a time when marriage is on the horizon and divorce is unthinkable.
How to Talk Prenups With Your Partner
The conversation should take place as soon as possible, giving each party a chance to express their thoughts regarding the matter. It is best to communicate in an open and honest manner, even if it feels uncomfortable. Remind your partner that prenups protect both parties involved, not just the wealthier spouse. It may help to emphasize how a prenup can make divorce less complicated, less expensive, and less emotionally draining. Suggest creating the agreement together, perhaps with the help of neutral mediation. By being fair and reasonable, you and your partner should be able to create an equitable prenup that works for both of you.
Somerset Divorce Lawyers at Lyons & Associates, P.C. Assist Couples in Drafting Prenuptial Agreements
If you are considering entering into a binding prenuptial agreement, contact a Somerset divorce lawyer at Lyons & Associates, P.C. Our experienced legal team can help make sure your rights and interests are protected, along with ensuring the prenup complies with New Jersey law. At Lyons & Associates, P.C., our compassionate family law attorneys assist in drafting a prenuptial agreement. From our offices in Somerville, we represent clients throughout New Jersey, including in Bridgewater, Basking Ridge, Mendham, Morristown, South Plainfield, Somerset, Somerset County, Morris County, and Union County.
Contact us online or call us at 908-575-9777 to schedule a free, confidential consultation.