Edison Township Prenuptial Agreement Lawyer
A person who is engaged to be married may benefit from a prenuptial agreement. These legally binding documents are applicable to many individuals in a variety of income levels. In many cases, a well-considered prenuptial agreement could provide guidelines for financial rights and responsibilities during a marriage, as well as, streamline asset division in the event of a divorce.
An engaged person may wish to consider meeting with an experienced Edison Township prenuptial agreement lawyer. Understanding the details of a prenuptial agreement and what constitutes a fair and reasonable document is frequently confusing. A knowledgeable attorney could help review the terms of a potential document and advise on how to improve it.Premarital Contracts in Edison Township
New Jersey adopted the Uniform Premarital Agreement Act in 1988. The Act regulates the law of prenuptial agreements (also called premarital agreements). New Jersey law typically directs that prenuptial agreements must be in writing and signed by both spouses. Verbal conditions that are not a part of the written agreement are usually presumed invalid. A complete list of individual assets must generally be attached to the agreement to satisfy the full and fair disclosure requirement.
Both parties should obtain independent legal counsel prior to signing the agreement. If one person declines to seek legal advice, the agreement should clearly indicate this. The statement typically should also state that the spouse signed the agreement freely and knowingly when waiving independent legal advice. For more information, get in touch with a Edison Township prenuptial agreement lawyer.What an Agreement Covers
Generally, the agreement provides for division of property and terms of support in the event of a divorce. Some of the areas that may be covered are:
- Rights and responsibilities of each party with respect to individual or joint property
- Distribution of assets at separation, divorce, death, or a triggering event
- Spousal support terms such as waiver or award amount
- Right to control property such as mortgage, dispose, buy/sell, etc.
- Guidelines to create a will or estate plan to enact the terms of the agreement
- Rights to life insurance proceeds
It is usually considered against public policy for a prenuptial agreement to determine child custody or child support. Additionally, attempting to decide the fate of an unborn child at the time of the agreement is generally prohibited.
Child custody and support are typically decided by a family court judge using the best interests of the child standard. The court will review the circumstances of the child’s living situation and determine the best custody and financial support arrangements with the child’s well-being in mind. New Jersey commonly uses the Child Support Guidelines, which is a mathematical formula that calculates the amount of child support a parent may be required to pay.Enforceability and Modifications
A prenuptial agreement usually becomes effective and enforceable upon marriage. After marriage, the agreement may be modified or revoked. The modification or revocation must typically follow the same rules that applied to the original document: in writing, signed, and with an updated list of assets.
There are circumstances where a prenuptial agreement may be challenged and may be unenforceable. The challenger is normally tasked with the burden to prove the following about the agreement with clear and convincing evidence:
- Entered involuntarily, such as through coercion or duress
- Grossly unfair or unreasonable terms when signed
- Incomplete or inaccurate disclosure of assets, liabilities, and/or earnings
- Incomplete understanding of the other party’s property and obligations
- No consultation with independent counsel prior to signing and no express waiver of that right
The court may also determine the agreement is unenforceable if following the terms of the agreement would deprive the challenger of reasonable support, force dependence on public assistance, or provide a much lower standard of living from the one enjoyed during the marriage. For help with modifying an agreement, get in touch with an Edison Township prenuptial agreement lawyer.Consult an Edison Township Prenuptial Agreement Attorney
A properly drafted prenuptial agreement can save time and money if a couple decides to end their marriage. The divorce process may be streamlined because a division of assets and debts have been addressed in an enforceable contract. A prenuptial agreement that is poorly written or improperly executed may cause issues instead of preventing them.
A knowledgeable Edison Township prenuptial agreement lawyer could help protect your assets in the event of divorce. An attorney could possibly help you understand the value of a prenuptial agreement. Understanding the process and the elements of such a legally binding contract may prove extremely beneficial. Call today for a consultation.