The end of a marriage also means the end of a financial partnership, and for people in New Jersey, sorting out all of the details can be complicated. Prenuptial agreements play an important role in helping a divorcing couple divide their assets fairly; often, they make divorce less contentious.
Prenuptial agreements have become more common for people who want to protect their assets in case of a divorce. Before recent legislation was signed, however, the divorcing couple was sometimes able to persuade the court that terms of the agreement were unfair, and adjustments were made. For example, if one spouse was left disabled or without a job after a divorce, the court may have decided to change the terms of the agreement so that the other spouse didn’t walk away with all of the assets.
Now New Jersey law revisions make prenuptial agreements stronger, and after the agreement has been signed, divorcing couples may be unable to modify them at all. As a result, fewer engaged couples may be willing to sign an agreement. However, people who decide to protect their assets with a prenuptial agreement may want to carefully review the terms of the agreement before signing.
These revisions to New Jersey law may discourage some married couples from seeking a divorce; instead of dividing their assets according to the terms of the prenuptial agreement, the spouses may decide to separate without filing for a divorce. However, divorce is often necessary, particularly if one or both spouses want to remarry.
Working with a divorce attorney can be helpful to divorcing couples, even if they have already signed a prenuptial agreement. If the couple has children, an attorney can help them determine the best child custody and visitation plans for them.
Source: Philly Burbs, “Signing a prenup in New Jersey? Think twice,” Peg Quann, July 29, 2013
