A wedding is a joyous event, and many preparations occur in the months and weeks before the big day. While much of the planning involves the wedding itself, some preparations may relate to life after the wedding, such as buying a home, opening joint bank accounts and discussing an estate plan. However, few New Jersey partners tackle the difficult question of whether a prenuptial agreement will benefit them.
Prenuptial agreement are not the dirty words they used to be simply because there are more factors that can complicate a marriage than in past generations. For example, someone who has children from a previous relationship may miss an opportunity to protect the inheritance of those children by failing to sign a prenup. Without such an agreement, the entire estate of one spouse may automatically go to the surviving spouse, leaving the deceased’s children with nothing.
The financial situation of each spouse can also determine whether a prenuptial agreement is advisable. For example, if one spouse comes to the marriage as the owner of a family business, a prenup can preserve that business in case of divorce. Along the same lines, if one spouse has considerably more assets than the other, he or she may want those assets to be off the table in the event the couple must go through property division.
When preparing for a wedding, it may not be clear to a New Jersey couple how important a prenuptial agreement may be. Partners may also learn that having a prenup is no longer something sinister and foreboding. Having a frank discussion with individual attorneys can provide a couple with solid information for building a prenuptial agreement that can be mutually beneficial.