If you have built a successful New Jersey business or have a significant financial portfolio, getting married in mid-life or a second time may result in insecurities that money is a factor for the person you love agreeing to marry you. While no one wants to believe that a relationship won’t last, you can protect both of you with a comprehensive agreement before the wedding.
According to New Jersey Business Magazine, couples should sign a prenuptial agreement three to six months before the wedding and provide full financial disclosure. This can help avoid one spouse from contesting it later. There are several advantages to a premarital agreement.
Keep family assets in the family
Even if you don’t think you want or need a prenup for yourself, your heirs may benefit. Parents may request that their adult children sign a prenup so that any assets they receive as beneficiaries remain untouched by their exes. It is also a way that helps you protect the inheritance for your children from a previous relationship.
Protect your company
A prenuptial agreement can ensure your business remains separate property. This can protect the organization from liquidation or other actions necessary for marital property. Valuing a company and dividing for divorce proceedings can take significant time and money. Removing it from the marital property can shorten the time it takes to finalize your split.
The state has statutes and regulations governing the equitable division of property in a divorce. Without a prenuptial agreement, the court determines the equitable distribution of property. If you have retired or are near retirement, you may not have the time to make that money back if you split. Learn more about how a prenup can make ending a marriage less expensive and a lot less stressful than without one.