Getting ready to walk down the aisle is an exciting time for a New Jersey couple. During your time of engagement, it is beneficial to think about the various ways you can prepare for your future, including drafting a prenuptial agreement. This can be a smart step for people of all income levels.
A prenuptial agreement is not something that is only beneficial for the rich and famous. This type of contract can help you lay the foundation for your own financial protection in case of a divorce in the future. Drafting a prenuptial agreement may not seem romantic or even necessary, but it is smart to consider the reasons why this could be a prudent step for you.
The benefits of a prenup
Essentially, a prenuptial agreement allows a couple to decide how the division of marital property will work in case of a divorce. It can also allow you to specify what is separate property, which is not eligible for division. However, you can accomplish other goals with this type of legal agreement.
A couple may also use this document to outline the financial responsibilities of each person over the course of the marriage. This can help you avoid conflict over who is paying which bills and other issues that often cause problems. In many respects, a prenuptial agreement is not planning for a divorce to happen down the road, but it is a way to minimize complications in the future.
The drawbacks of a prenup
There are a few limitations to what a prenuptial agreement can do. For example, you cannot outline matters related to child custody in this type of contract. Additionally, it is not always easy to make decisions when drafting this type of agreement based on things that may happen in the future or what your financial situation will look like down the road.
The right help
One of the most beneficial steps you can take when drafting a prenuptial agreement is to seek experienced guidance. Working with a family law attorney who understands the law and knows how to help you make smart decisions is a prudent step.
If you are planning to marry or wondering what you need for your future interests, it may be smart to start with a complete evaluation of your case. This can help you understand your options and move forward with the most appropriate choices.