Prenuptial Agreements in New Jersey
Prenuptial agreements were once used mostly by wealthy persons owning a large amount of assets.That is not true anymore because people at all income levels are seeing an attorney in Wall, NJ to establish a contract that defines how certain issues will be settled in the event of a divorce.
Establishing Rights and Obligations
The prenuptial or premarital agreement is a legal document that is actually a contract between two people who plan on getting married.The contract may establish rights and obligations in many different areas including property disposition and spousal support.Following is a list of the topics the prenuptial agreement may address:
>> Rights and obligations of each person in relationship to property location and acquisition
>> Disposition of assets if the couple separates or divorces, if either spouse dies, or if any named event does or does not occur
>> Rights of each person to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign or create a security in property
>> Rights of each person to mortgage or otherwise encumber property
>> Rights of each person to dispose of property
>> Rights of each person to manage or control property
>> Allowed modifications or elimination of agreed upon spousal support
>> Rights to benefits from life insurance policies
>> Rights to make a will, trust or other agreement controlling disposition of property in relationship to the prenuptial agreement
>> Choice of laws used in the premarital agreement
>> Other matters as defined by marrying couple
If the couple plans on having children,child support and custody issues must be addressed at the time of the divorce.These are not matters that can be managed in a prenuptial agreement because the court must decide what is best for the children given current circumstances.
Enforceable or Not?
A common question the attorney handling a divorce in Wall, NH is asked concerns whether the prenuptial agreement can become unenforceable.After all,when you agree to sign a premarital agreement and the marriage ends up in divorce 20 years later,many circumstances will have changed.
The court may refuse to enforce a prenuptial agreement under certain circumstances.One of the spouses would have to challenge the agreement.The person not challenging the agreement must then prove that both parties entered the agreement voluntarily,that all financial information had been disclosed at the time the agreement was made,and that there had been plenty of time to review the agreement before signing.
If someone can defend against a challenge then the court will enforce the prenuptial agreement.There would have to be a compelling reason presented for the court to not enforce a legal agreement.For example,if a spouse will be left without reasonable support or if the standard of living falls much lower than it was during marriage, and the prenuptial is enforced, the court may refuse to enforce the agreement.At that point,the case is handled like a divorce without a prenuptial agreement.
Using the services of an experienced attorney in Wall, NJ is important when preparing a prenuptial agreement or if pursuing a divorce.Though prenuptial agreements are intended to simplify the divorce process and protect assets, it is still possible for a number of issues and concerns to arise.
If you are interested to know something more about Attorney Wall, NJ and Divorce Wall, NJ then please visit our website sbrowndorflaw.com
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