Everyone falls in love, but staying in love requires extra effort. The truth is not every relationship is meant to last forever. This is why it is always advisable to prepare for future uncertainties when things don't turn out as initially expected. According to statistics from the American Psychological Association (APA), of the 40 to 50% of first marriages that end in divorce, only about 5% have a prenuptial agreement in place to settle the divorce proceedings.
If you are considering drawing up a marital agreement with your spouse or fiancé, it is important that you speak with an experienced New Jersey family law attorney for detailed guidance. With more than 80 years of combined experience, our attorneys at Schwartz, Hanna, Olsen, & Taus, P.C. are dedicated to providing outstanding legal services and knowledgeable guidance to clients in marital agreement matters. We can offer you the detailed legal counsel and reliable advocacy you need to draft a prenuptial agreement or postnuptial agreement, protect your assets and finances, and ultimately achieve peace of mind.
If you're located in the New Jersey areas of Middlesex, Somerset, Morris, Passaic, Essex, and Bergen Counties, or anywhere else in the state, contact Schwartz, Hanna, Olsen, & Taus, P.C. today for a one-on-one consultation.
Spouses often agree to share assets, property, finances, debts, and liabilities. However, when things don't go as planned, the spouse's assets will be subject to equitable division during the divorce proceedings. Therefore, both parties can benefit from having a prenuptial agreement.
A prenuptial agreement can be described as a marital agreement entered into by engaged couples before getting married. Prenuptial agreements can help couples define expectations, provide financial security, protect assets and children, and help both parties achieve peace of mind.
A prenup can:
Help determine property distribution in the event of a divorce
Help clarify the responsibilities and expectations of each spouse
Protect either spouse against potential debts or liabilities incurred by the other party
Make adequate provisions for minor children from a previous marriage or relationship
Define how finances, household bills, and living expenses will be handled
Help protect your estate plans
Help ensure that family property stays within the family
However, a prenup doesn't cover the following:
Either spouse's premarital debts
Child custody or visitation matters
Giving up alimony rights
Details about personal matters
Provisions about anything illegal or against public policy
The psychological toll, heightened emotions, and other financial consequences that usually accompany a divorce or the death of a spouse are often overwhelming. Thankfully, prenuptial agreements can help define expectations, simplify the property division process, and resolve other financial matters. Prenups are not only for the rich and wealthy or for those who think they may get a divorce. Whether you have small or large assets, you should consider getting a premarital agreement.
Yes, a prenup can be modified. In order to "re-up the prenup," your lawyer will draft an addendum to the original prenuptial agreement. The new agreement must be rightly signed and witnessed. Once done, it will become a part of the original agreement, thus reflecting the new terms, provisions, or modifications.
For a prenuptial agreement to be considered valid and legally enforceable in New Jersey, it must meet the following requirements:
The prenup must be in writing.
The prenup must include full disclosure of both spouse's assets.
The terms of the premarital agreement must be fair and just to both spouses.
The prenup must be drafted and executed before marriage.
There should be no evidence of coercion or deceit into signing the agreement.
Premarital agreements are essential because:
They help define expectations and draw clear boundaries. This can make your life easier in the long run.
They give you and your spouse or fiancé the chance to have an open, honest conversation about the things that are important to each person.
They protect you against potential life's uncertainties or if something changes along the line.
As mentioned earlier, the prenuptial agreement must be drafted and entered into before marriage. If you're already married, you may enter into a postnuptial agreement or postnup.
Preparing for future uncertainties is essential. As you plan to get married to your sweetheart, both of you can protect your assets and finances and benefit from establishing a premarital agreement. A knowledgeable family law attorney can offer you the detailed guidance and advocacy you need to draft your prenup and help navigate important decisions.
At Schwartz, Hanna, Olsen, & Taus, P.C., we have the experience and resources to assist and guide clients in family law matters, including prenuptial and postnuptial agreements. As your dedicated counsel, we can inform you of the benefits and drawbacks of premarital agreements and explore the legal options that are available to you.
Additionally, our attorneys can help you outline an effective strategy to protect your accumulated assets, finances, children, and future. Our team has a combined 80 years of experience ensuring that our clients’ premarital agreements are valid, legally enforceable, and meet all procedural requirements.
If you are considering drafting a prenuptial agreement, contact Schwartz, Hanna, Olsen, & Taus, P.C. today to schedule a simple case assessment. Our lawyers can offer you the detailed legal guidance, support, and reliable advocacy you need to navigate crucial decisions. If you're located in the New Jersey areas of Middlesex, Somerset, Morris, Passaic, Essex, and Bergen Counties, or anywhere else in our state, contact us today.