Planning for a wedding in New Jersey is fun and exciting. Engaged couples are in love, and they usually don’t want to think about anything going wrong. That’s why a lot of couples don’t even consider a prenuptial agreement, even though these documents can be particularly important.
What is a prenuptial agreement?
A prenuptial agreement is a legal contract that a couple signs before getting married. It specifies who owns which assets when the marriage begins and how they will be divided if the couple divorces. A prenup may also be used to protect a business that is owned by just one spouse or to keep one spouse’s debt separate from the marital property.
Why is a prenuptial agreement important?
Prenuptial agreements may sound unromantic, but you could say the same thing about marriage contracts when you think about it. Every marriage, whether we want to acknowledge it, is a legal contract with rules that are laid out by the state. If you don’t agree to your own terms ahead of time, the state has already created a prenup for your marriage called “marital property laws.”
Having your own legal contract before marriage helps clarify the ownership of your property regardless of the state laws where you live. Because every couple has unique circumstances, state laws may not make sense for your situation. Children from prior marriages, excessive debt owned by one spouse and business interests are a few reasons people sign prenups.
Create a legally binding prenup
If you have decided to create a prenup, you should make sure that the document you create is legally binding. Provisions should be specific and clear, and your document should be notarized.