Prenuptial agreements are contracts that couples sign before marriage to protect their financial interests. In New Jersey, these agreements are quite common and they hold immense legal power. However, you may wonder whether your prenuptial agreement truly has your best interests at heart.
This thought is not uncommon and it is important to carefully consider whether your agreement is really working in your favor.
Understanding your financial status
A well-drafted prenuptial agreement should provide a clear understanding of your financial standing before entering into marriage. It delineates what assets and liabilities you bring into the union. Ask yourself if your agreement accurately represents your financial status. Are all your assets included? Is your debt accounted for? If the agreement does not clearly outline these, it may need some reworking before you commit to signing it.
Protecting your assets
A key purpose of a prenuptial agreement is to protect your individual assets. The contract should specify what will happen to your pre-marital assets in the event of a divorce. Your agreement should safeguard your right to your assets, especially if you have significantly more assets than your partner.
Fairness in division
Another important feature of a prenuptial agreement is the fairness in division of assets and responsibilities. This fairness should reflect not only your present situation but also potential future scenarios. The agreement should consider possible changes such as an increase in wealth, the birth of children or a change in employment status.
If your prenuptial agreement lacks flexibility or provisions for these categories, it may not be looking out for your best interests.