In 1998, the state of New Jersey adopted the Uniform Premarital and Pre-Civil Union Agreement Act.
The purpose of this law is to provide parameters for prenuptial agreements that dictate what can be, and what cannot be included in a prenuptial agreement.
What is a prenuptial agreement?
A prenuptial agreement is a contract which a couple enters before marriage. The purpose of this contract is to establish guidelines for how assets and debts are to be divided in the event of a divorce.
So, what do you want to include in a prenuptial agreement before you get married? Here are a few quick examples:
- Protections against debts from the other spouse: Debt is always a mega-stress in any marriage, and it can be even more stressful during a divorce. Use a prenuptial agreement to distinguish massive debts and who they belong to. This will limit your debt liability and prevent creditors from coming after your share of the marital property.
- Inheritance for children from a previous marriage: Set aside property for your children from a previous marriage to ensure they receive it as their inheritance.
- Inheritance from your family: Maybe you inherit a vacation home with your sibling that your parents left you two. Include that in the prenup to ensure it remains the property of you and your sibling and stays in the family.
- Waivers of alimony: A prenup can be used to impose certain spouse support provisions or waive a spouse’s right to alimony. If the court considers the provisions to be unfair, they will be tossed and deemed unenforceable.
Marriage is a wonderful life event, and you should be extremely happy, however, do not let your emotions cloud your judgment. Protect your family inheritance and assets or protect yourself from your spouse’s debts with legal support and the creation of a prenuptial agreement.