What You Need to Know About Prenuptial Agreements
Prenuptial agreements are becoming more and more common for married couples these days. Because of cultural changes, younger generations are now entering into marriage with a different perception of prenuptial agreements than the generations before them. A significant number of millennials now think that having a prenup in place before marriage is a good idea.
Prenuptial agreements are also popular among people who are going into their second marriage. People who are marrying for a second time tend to have job security, homes, and are usually financially established. This means they have more assets to lose in the event of a divorce.
Sadly, not all marriages will stand the test of time and about half of all couples will wind up getting divorced. Although some people are still hesitant to get a prenup, we explain the benefits of having a prenuptial agreement in place.
What Does a Prenup Do?
A prenuptial agreement is a marital document you make prior to getting married. This legal document details who gets what assets and why in case of divorce.
Prenuptial agreements can be used to:
- Define marital or community property
- Support your estate plan
- Protect the property you had before marriage
- Clarify special agreements or arrangements made between spouses
- Outline procedures and rules for deciding future issues
The biggest benefit of having a prenup is that it essentially establishes the ground-rules for your marriage. It can also decrease future arguments over property and assets, especially when both parties feel that the agreement is fair. Prenuptial and postnuptial agreements can also be used to help make your will. Because your descendants and heirs cannot change the conditions of your agreement, it will ensure that your wishes are followed after you die.
Can a Prenup be Voided By the Court?
A prenuptial agreement can be voided for the following reasons:
- The prenup is not in writing
- Assets were not disclosed
- The prenup was singed under pressure or coercion
- The prenup contains invalid claims
Although prenuptial agreements are often stigmatized by the public, they can actually help strengthen your relationship. Making a prenuptial agreement requires open and honest communication about things like money and debt. Speaking about such issues can eliminate misunderstandings between you and your spouse that might otherwise cause a rift in your relationship.
Do you need help drafting your prenuptial agreement? You should immediately consult with our family law attorneys. At the Law Offices of Steven P. Monaghan, we are here to answer all of your questions and concerns. Let us put our skills and experience to work for you today.
Contact our Monmouth County family law attorney to set up a free consultation.