PRE & POST NUPTIAL AGREEMENTS
New Jersey (NJ) Pre and Post Nuptial Agreement Attorneys
The Prenuptial Agreement
Prenuptial agreements, also referred to as premarital or antenuptial agreements, are written contracts entered into before a couple gets married to determine what each person’s rights are in the event of a divorce. The premarital contract takes effect at the time of marriage, but it must include a statement that fully discloses all assets. Some of the terms generally contained in a prenuptial agreement are the division of assets and debts at the time of separation, divorce, death or another specified occasion. Terms of spousal support, which is often called alimony, are likely to be a part of the prenuptial agreement as well. However, child support, custody and parenting time may not be included as part of the agreement. Prenuptial agreements may contain a “sunset” clause, which specifies the date that the entire prenuptial agreement will expire and no longer have any binding effect to either party. In order to have a legally valid prenuptial agreement, both parties are expected to be represented by independent counsel of their own choosing and the agreement must be entered into on a voluntary basis with both parties having sufficient time to consider the terms of the prenuptial agreement prior to the marriage.
The Postnuptial Agreement
If parties have financial concerns after the wedding or during the course of their marriage, they may instead enter into a postnuptial agreement, which is also referred to as a mid-marriage agreement.
Like a prenuptial agreement, a postnuptial agreement is a written contract between both spouses. Sometimes a couple wants to alter the terms of their prenuptial agreement or simply update the document due to the passage of time. This is possible by means of the postnuptial agreement. Even if you have never before entered into a prenuptial agreement, the postnuptial agreement is still an option. Parties to a postnuptial agreement expect to continue in their marriage but desire to record their intentions for potential division of assets and debts and determination of alimony should they ever separate, divorce or die. As with prenuptial agreements, there must be a full disclosure of all assets and the postnuptial agreement must be entered into voluntarily with both parties having independent counsel. The terms of a post nuptial agreement must not be unconscionable (meaning the terms must be fundamentally fair and reasonable). You should note that the courts tend to scrutinize postnuptial agreements more than prenuptial agreements for enforceability purposes. The postnuptial agreement is held to a higher standard of fairness because married couples have a fiduciary relationship while unmarried couples (those entering into a prenuptial agreement) do not yet have that designation.
Whether prenuptial agreements or postnuptial agreements are right for you, make certain that you have a lawyer who exclusively practices in the field of family and matrimonial law prepare the document for you as one slight error could prove to invalidate the agreement.
