Benefits To Having A Postnuptial Agreement In Monmouth County
There are numerous reasons a couple might consider a Postnuptial Agreement. If a couple has had problems in the marriage but instead of divorcing chooses to stay married and work things out, they might want to enter into a Postnuptial Agreement just in case the problems crop up again and they decide to divorce.
The aforementioned example of a business started post-marriage is a common factor in seeking a Postnuptial Agreement. Many times, a business is not started by an individual, but more than one person. If the other member or members of the business believe that it can be negatively influenced if there is a divorce among one or more of the partners, then a Postnuptial Agreement can prevent any issues with the business if there is a divorce. In New Jersey, a business owner would not necessarily have to share the entire business with a divorced spouse—there is not an automatic 50-50 split of assets in the state—but part of the business might have to be shared if the spouse stayed at home with children or took care of other aspects of the marriage to free the business-owning spouse to work. This could harm the entire business and the partners.
If the couple had the intention of coming to a Prenuptial Agreement but failed to do so before the marriage, then a Postnuptial Agreement can straighten this out. Some couples do not want to leave the splitting of the assets to the legal system if there is a divorce and would like to have everything organized in case there is a divorce. This can save time and money if the couple chooses to part ways and they do not have to go through the process of splitting everything up through mediation or court. Like a Prenuptial Agreement, the custody of children and child support cannot be decided via Postnuptial Agreement. That is something that must be dealt with during the divorce.
What Is Needed For A Postnuptial Agreement In New Jersey?
For a Postnuptial Agreement to be considered valid, the couple: must provide full disclosure; must each have individual legal representation; must not be coming to the Postnuptial Agreement under duress or coercion; must agree to terms that would be considered fair and equitable. Full disclosure means that nothing is hidden and both parties know the financial and personal circumstances of the other. For example, one member of the couple has a secret bank account, this cannot be protected via a Postnuptial Agreement and it must be disclosed if the spouse who controls it would like it to be part of the agreement.
Even if there is an attorney that has represented both parties in matters unrelated to the Postnuptial Agreement, each side must have separate legal representation in order to ensure that each is receiving proper and objective legal advice as it relates to their individual situations. There are certain instances in which one spouse is pressuring the other to sign a Postnuptial Agreement through threats, abuse or other methods. This is not allowable when coming to a Postnuptial Agreement. Both sides must be willingly entering into the agreement. The terms of the Postnuptial Agreement cannot be seen as unfairly favoring one spouse or the other. If there is not an equitable distribution of the marriage assets as part of a Postnuptial Agreement, it cannot be agreed to.
Contact An NJ Family Law Attorney For A Postnuptial Agreement
Much like a Prenuptial Agreement, a Postnuptial Agreement is not a precursor for divorce nor does it imply a lack of trust in your spouse. It is simply a legal method to protect yourself and your spouse from unforeseen events. Postnuptial Agreements are examined more closely by the New Jersey courts than a Prenuptial Agreement, so it is important to have an attorney who understands the process. Even if you have already signed a Prenuptial Agreement, the circumstances of the marriage might have changed. This is what a Postnuptial Agreement is for. If you or a loved one are considering a Postnuptial Agreement in Toms River, Red Bank or any other town in New Jersey, you need to speak to a qualified attorney from the Law Firm of Villani & DeLuca in Point Pleasant Beach, New Jersey.