Three Reasons to Consider a Prenuptial Agreement

One of the most exciting seasons of life is the time when you’ve found the love of your life and begin planning for your marriage.  With plans for the future on the forefront of your mind, it’s important to set aside time to discuss whether you and your partner should consider establishing a prenuptial agreement.

Essentially, a prenuptial agreement protects the premarital assets of you and/or your significant other.

 

Why should you consider a prenuptial agreement in New Jersey?

Here are 3 of the most fundamental reasons to consider establishing a prenuptial agreement:

Foster Good Communication

Good communication is the backbone of any successful relationship.  While it may feel uncomfortable to discuss a prenuptial, the process allows for an open dialogue regarding finances, property and the expectations of you and your partner.  It ultimately allows for you to enter into marriage with more trust and a deeper understanding of your partnership.

While no one gets married anticipating things ending in a divorce, it can become a reality.  In fact, the divorce rate is estimated to be a staggering 50 percent. Unfortunately, divorces can get messy and contentious.  Having a prenuptial agreement allows for you and your partner to make level-headed decisions regarding common legal hurdles that arise during divorce, without the emotions that can make it feel impossible to communicate effectively.

Save Money and Time

Divorce is time-consuming and expensive. On average it costs between $12,500 and $14,500 to get a divorce in New Jersey.  When there are no contested issues, the cost can be much less.  While you may think that you and your partner would be able to agree easily on how to divide your assets and property, many people find that as a divorce goes on things become more challenging. When you and your partner can’t agree on significant issues, lawyer fees add up and the process requires more time in court.  Having a prenuptial agreement helps you to avoid excess time in court and make an already difficult process go more smoothly. 

Keep Your Assets Separate

Generally we enter into marriage wanting to share the best of what we have to offer with our significant other.  Keeping your finances separate doesn’t take away from all you share in married life.  In fact, separating your finances can help to establish healthy boundaries in which relationships thrive.

If you are entering marriage significantly wealthier than your partner, a prenuptial can help ensure that your partner is genuine regarding their intentions for marriage, and isn’t just interested in your wealth.

Another reason to get a prenuptial is that you can limit the alimony payable in the case that things end in a divorce.  This is particularly important if you make more money than your partner.  New Jersey is a notoriously expensive place to live, so you will want to consider the cost of living while figuring out the alimony.

A prenuptial can also protect you from taking on your partner’s debt. Without a prenuptial, the court will split financial debts and other liabilities. If your partner has a significant amount of credit card or loan debt, you can use a prenuptial to define these liabilities as your partner’s responsibility.

If you are a business owner, keep in mind that divorce can cause instability in your business, as your partner can claim a portion of the business or profit. This devastating circumstance can be prevented by covering this topic in your prenuptial agreement.

Get Started on Your New Jersey Prenuptial Today

All and all, a prenuptial is a preventative measure that can save you time, money, and sanity.

The easiest part of the process is to get started!  Begin by contacting our office to schedule a free consultation with one of our famiy law attorneys.  The Law Offices of Gruber, Colabella, Thompson, Hiben & Montella know that each couple’s situation is unique, so we treat each case on an individual basis.  The sooner you reach out, the more relaxed you will feel knowing that your future is secure, allowing you to fully enjoy the rest of your marriage planning.