Prenuptial agreements are becoming more commonplace, as couples of all ages are realizing that these documents are not just for wealthy families. They are used to protect assets, children, and businesses, with the added purpose of avoiding stressful, expensive arguments if a divorce occurs. Without a prenuptial agreement in place, a court can make important decisions for the ex-couple, including child visitation rights, alimony payments, and home ownership.
For some, these agreements may still have a stigma attached to them, since many couples want to avoid discussing the possibility of their marriage failing. The millennial generation seems to be leading the way in changing this philosophy; there have been increases in the numbers of signed prenuptial agreements in this age group. The American Academy of Matrimonial Lawyers also reported increases in clients during the last three years that were requesting prenuptial agreements.
Couples that have children and pets can benefit from a prenuptial agreement. If the children are young when the divorce occurs, it is feasible that a stay-at-home parent will have to return to work. This can create the need for childcare, which can be costly. Discussing these issues ahead of time can provide answers for custodial parent choice, vacation time, and child support payments. This can decrease the tension for the parents.
For many couples, one spouse earns more income or has more assets than the other. A prenuptial agreement can protect the partner with less, ensuring they will not face financial ruin. Usually, each person brings in certain property to the marriage, such as cars, jewelry, and furniture. According to a spokesperson for PNC Wealth Management, it is probable that the ex-spouses will leave the partnership with what they brought into it, unless things were sold or otherwise disposed.
It is also important to plan for debt resolution, whether the money owed is from the past, present, or future. Some individuals bring debt into their marriages, and certain couples accrue large amounts of it while together. Sometimes, one spouse accumulates very high credit card balances, while the other is not aware that it exists. Student loan payments are another common category of debt.
Individual and joint investments should also be addressed in prenuptial agreements. Family owned businesses can also be considered an investment. Many millennials tend to marry later in life, as they wait until they are settled in their careers. This added time allows them to build up savings and investments, which they want to protect. It also holds true for debt, and the passing years can increase this as well. For all these situations, it is best to discuss a prenuptial agreement with a family law attorney.
If you are planning to marry, you may want to consider a prenuptial agreement. For a free consultation, contact the Monmouth County prenuptial agreement lawyers at Fox & Melofchik, L.L.C. today. Call us today at 732-493-9400 or complete an online form. From our office in Eatontown, New Jersey, we serve clients throughout Monmouth County, Ocean County, Middlesex County, Mercer County, Ocean Township, Fair Haven, Eatontown, Red Bank, Tinton Falls, Shrewsbury, Middletown Township, Wall Township, Sea Girt, and Spring Lake.