What is the purpose of a prenuptial agreement in divorce? | Lane & Lane, LLC
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What is the purpose of a prenuptial agreement in divorce?

When New Jersey couples first plan their weddings, they are not likely to think of the possibility that they may not grow old together. Unfortunately, statistics indicate that a significant percentage of marriages in the United States end in divorce. For that reason, it may be wise to look beyond the sentimentality and protect the interests of both parties by signing a prenuptial agreement.

The reality is that, in the event of a divorce, all accumulated assets in the marital partnership will have to be divided, and to have some control over that process, many couples sign a prenuptial agreement. Matters that must be discussed before marriage include whether assets -- such as property, investments and inheritances -- will be kept separate, and to specify those decisions in a prenup along with how debts will be managed. A marital agreement can also contain directives about inheritances of assets, such as the marital home. An intention to leave it to the children rather than the spouse can be specified in the agreement.

In marriages between older individuals, it is not uncommon for them to move into the home of one spouse. However, problems may arise when the property owner passes away or becomes debilitated, and his or her children want the other spouse to vacate the home. A prenuptial agreement can specify the circumstances under which the other spouse may remain in the house and for how long. What children from previous marriages will be entitled to after a divorce is another matter that can be addressed in a prenup.

Other directives that are often included in such an agreement include how credit card debt or student loans will be handled after a divorce. There is almost no limit to what can be addressed in a prenuptial agreement. However, it is advised that such important documents are not drafted without the valuable input of an experienced New Jersey divorce attorney who can also ensure that the agreement is valid and will hold up in court if necessary.

Source: thestreet.com, "6 Reasons to Put Aside Sentimentality and Get a Prenuptial Agreement", John Persinos, April 9, 2016

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