Protect your assets, holdings and future earnings with a NJ Prenup Agreement
Since 1988, New Jersey is governed by the Uniform Premarital Agreement Act. The role of this act is to govern the law of Prenuptial Agreements (prenups). Since its adoption into state law, the amount of prenup agreements in NJ has risen dramatically. Understanding the role and benefits of a prenup agreement can ensure the safety of your assets in the event of a divorce in NJ. At the law offices of Himelman and Himelman we are here to help protect your assets by assisting you in understanding and drafting a prenup.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between potential spouses which goes into effect in the event of marriage. The most common purpose of a prenup is to ensure that whatever assets you go into the marriage with, you leave the marriage with. Spouses entering into a prenup may contract with respect to several different areas such as the rights of each party in any property that either or both of them acquired, the right to buy, sell, use, transfer, exchange, abandon, lease, mortgage, dispose of or otherwise manage and control properties, the disposition of property upon separation, marital dissolution, or death, the modification of or elimination of spousal support, and any other matter including personal rights and obligations, not in violation of public policy.
What Are The Requirements of a Prenup in New Jersey?
In order for a NJ prenuptial agreement to be recognized legally by the state of New Jersey it must be in writing, and each party must produce full financial disclosure to the other party. Any terms or agreements that are verbally stated or agreed upon are considered invalid. Additionally, a statement of each spouse’s assets must be attached to the prenup prior to the marriage to ensure that they remain with said spouse in the event of a divorce. A list of past assets and liabilities must also be attached to the agreement which needs to be signed by both parties. If for any reason the prenup agreement is not signed by both spouses it is considered invalid and non enforceable.
It is good practice for the agreement to be negotiated and signed as early as possible prior to a marriage. This helps avoid the argument that one of the parties was coerced into the agreement.
What Goes Into a NJ Prenup Agreement?
Although a prenuptial agreement will be customized to fit your individual needs, below are some common issues addressed in NJ prenup agreements:
Rights and Responsibilities of Properties (Commercial, residential, or other property types)
- Prenuptial agreements help detail the rights and obligations of the involved parties in regards to properties (regardless of when they are acquired or where they are located).
- The rights and obligation to buy, sell, use, abandon, exchange, lease, consume, mortgage, create security in or manage or control the property.
- The disposition of said property in the event of divorce, death, dissolution or designated occurrence.
Spousal Support, Life Insurance Policies and Estate Planning Tools
- Wills, trusts and details of death benefits. Details are agreed upon and carried out.
- The distribution of property and spousal support agreement.
- Any other matter including but not limited to personal rights and obligations.