Bari Weinberger is an expert in all facets of NJ family law. As founding member and managing partner of Weinberger Law Group, she has handled every aspect of divorces and mediations. In the following article, Weinberger discusses the importance of prenuptial agreements. While many people frown upon the notion that a new marriage may someday result in divorce, you simply cannot argue with the numbers. Divorce rates are higher than 50% in the United States and a prenuptial agreement can save you from the financial battles that so often accompany divorce proceedings. Below, attorney Weinberger addresses the reality of a prenup:
Many people believe that getting a prenup before marriage is a negative way to begin a healthy marriage. However, there is no harm in planning for a rainy day. A prenuptial agreement does not mean that you lack confidence in your new partner or marriage. It is simply a document that provides financial protection and insurance should the relationship not last.
Divorce laws are complex and the process is often expensive and emotionally jarring. A prenuptial agreement is a smart tool to help take some sting out of a possible future divorce. A prenup is especially helpful in certain scenarios as explained below:
- Estate protection - Many estate plans are the source of great dispute during divorce settlements. A prenuptial agreement can protect the assets in your estate including family businesses, heirlooms and real estate.
- Family business protection – If you have a family business that has been passed down from prior generations or includes the livelihood and well-being of your parents or siblings, then you can appreciate the need to safeguard this asset as opposed to having the business exposed to division during a divorce.
- Protection from your fiancée’s debts – You married someone for love, not to incur his debt. You do not want to be responsible for his debt (such as premarital school loans) should the marriage end.
- Remarriage issues – After a first marriage, your financial and legal concerns and obligations are often different. You may have equity in your home or other assets of significant value. A prenuptial agreement can help guarantee that these assets are divided according to your wishes after you die. This can sidestep the fierce and grueling legal battles that result from having two sets of potential inheritors after your death.
- Income imbalances between you and your fiancée – If you make significantly more money than your partner, you could be forced to pay alimony in the event of a divorce. Prenuptial agreements can limit the total amount of the alimony award.
Be sure that your fiancée has independent legal counsel to review the prenuptial agreement and provide advice. This also sets the stage for a more enforceable document. Unfortunately, the media, television and movies have unfairly tarred prenuptial agreements. A prenuptial agreement does not mean that you and your partner do not love or understand one another. Nor does a prenup mean that you expect a divorce or there is no trust between the two of you. Rather, a prenuptial agreement protects both parties financially in the event of a divorce.
This article is for informational purposes only. You should not rely on this article as legal advice, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
