No couple goes into a marriage hoping or expecting that it will end. Nevertheless, the fact remains that in 2021, there were approximately 2.5 divorces per 1,000 people in the United States.
No matter our intentions or how hard we try, we never know what the future holds, and there may come a time when you and your partner decide to part ways. This is where having a prenuptial agreement in place can really pay off.
While many people are generally familiar with the concept of prenuptial agreements, most don’t realize just how effective they can be for protecting your rights and interests.
Further, they aren’t used nearly as often as you might expect. In fact, a recent poll of married and currently engaged couples found that although the rate of couples with a prenup increased significantly from 3% in 2010, the rate in 2022 was still only 15%.
If you have questions about how a prenuptial agreement works and whether you and your partner might benefit from implementing one, look no further.
Read on to learn more about prenuptial agreements in New Jersey and how the family law attorneys at Weiner Law can help protect your legal rights and interests. If you have questions, please contact us today.
What Is a Prenuptial Agreement?
A prenuptial agreement, commonly referred to as a prenup, is a type of legal agreement between a couple that lays out and defines their intentions regarding their rights and responsibilities if and when they get divorced.
Importantly, however, as the name implies, a prenup can only be validly entered into prior to the parties getting married.
Generally, prenups can cover a variety of topics, such as:
- How the couple’s property, assets, and debts will be divided if they divorce;
- Whether and to what extent any business ownership and interests will be divided;
- The amounts and duration of any alimony or spousal support payments that either party will be required to pay to the other; and
- Protection of a particular spouse’s family wealth or inheritance rights.
These are just a few examples of the many benefits associated with having a well-crafted prenuptial agreement in place. If you have any questions about other benefits and how they may apply to you, speak with one of our experienced family law attorneys today.
The average cost for a New Jersey lawyer to draft a prenuptial agreement is $1,020 on a flat fee basis. Reviewing a prenuptial agreement costs $500 on average.
Benefits of a Prenuptial Agreement
It may initially seem uncomfortable to discuss the possibility of creating a prenuptial agreement with your spouse. In the long run, however, a comprehensive prenup can provide a number of great benefits for you both.
For example, a prenuptial agreement can help:
- Provide valuable asset protection for both spouses;
- Protect family wealth and inheritance rights that one party may not want the other to benefit from if they divorce;
- Improve open and honest communication between the parties about their finances, goals, and wishes for the future;
- Set clear expectations between the parties regarding how property will be divided if they split up; and
- Avoid future disputes and reduce the potential time and expense of litigation should the parties ultimately decide to divorce.
Thus, though it may seem easier to avoid the topic of a prenup with your soon-to-be spouse, doing so can ultimately be a great option for your relationship moving forward.
Creating a Valid Prenuptial Agreement Under New Jersey Law
New Jersey defines a prenup (i.e., premarital agreement or pre-civil union agreement) as an agreement between prospective spouses or civil union partners made in contemplation of the marriage or civil union.
This agreement must be effective upon marriage or upon the parties establishing a civil union. In short, a prenup can only be created between a couple who is actively contemplating marriage or a civil union.
Under New Jersey Statutes § 37:2-34, the parties to a prenup can specify certain rights and responsibilities within the agreement.
These can relate to matters such as property rights, spousal support, rights to any life insurance policies, and any other matters not prohibited by law or public policy.
Notably, however, New Jersey law does not permit parties to include any provisions in a prenup that would adversely affect child support rights.
A prenup must meet certain minimum requirements to be valid and enforceable. Specifically, the agreement must:
- Be in writing,
- Contain a statement of assets annexed to it, and
- Be signed by both parties.
That said, even if the couple meets these requirements, there are certain additional conditions they must follow to avoid the agreement being struck down later as void. For example, a prenup is typically unenforceable if there is evidence that one party:
- Executed the agreement involuntarily;
- Was not provided a full and fair disclosure of the other party’s earnings, property, and financial obligations; or
- Did not have the ability to consult with independent legal counsel or did not voluntarily waive their right to do so in writing.
When in doubt, be sure to consult with an experienced family law attorney to discuss your rights and legal obligations before deciding how to proceed.
Weiner Law: Your Trusted New Jersey Prenuptial Agreement Lawyers
At the end of the day, a prenuptial agreement is a binding legal contract. Thus, having the advice and counsel of a qualified attorney can be a great way to help ensure that your rights and interests are protected.
At Weiner Law, we are an AV-rated law firm that offers a variety of family law services to individuals throughout New Jersey, from prenuptial agreements and beyond.
We pride ourselves on our depth of legal knowledge, providing exceptional service, and our attention to detail. Thus, when you hire our team, you can feel confident knowing that your prenup is in great hands.
For guidance on prenuptial agreements in New Jersey, reach out to Weiner’s family law attorneys for a complimentary consultation.
FAQs
Aren’t Prenups Only for Wealthy Couples?
No, contrary to popular belief, prenups are not reserved only for wealthier couples. In fact, a prenuptial agreement can be a fantastic benefit to couples of all types, regardless of your financial status.
Thus, before writing off prenups as an option between you and your partner, speak with an experienced prenuptial agreement attorney to discuss your options and see whether a prenup might make sense for your situation.
Do I Have to Hire a Prenuptial Agreement Attorney to Create a Valid Prenup?
No, technically, no couple is required to hire a prenuptial agreement attorney to create a valid and legally binding prenup if they waive their right to do so in writing. Nevertheless, having legal representation throughout the drafting process can be extremely beneficial.
Doing so can better ensure that the prenup is fair to both parties and meets the minimum legal requirements, which can help reduce the possibility of challenges and legal disputes in the future. Plus, a lawyer with experience in divorce knows the potential pitfalls that you might not see coming. They can be sure you cover all the important issues in your prenup.
How Much Does a Prenuptial Agreement Lawyer Cost?
Prenuptial agreements in New Jersey typically cost around $1020.00 for drafting, based on marketplace data from ContractsCounsel. It’s advisable to consult a licensed lawyer for the drafting process, as it requires legal expertise and knowledge.
That said, don’t be deterred by the potential cost. In many instances, paying this cost upfront can save you much more in the event you and your spouse do decide to part ways in the future.