If you are getting married in New Jersey, you may be concerned about the assets that you already have. You are right to be concerned because this property could be at risk in a divorce. More people are considering prenuptial agreements in order to protect themselves. Here is why you should explore a prenuptial agreement before marriage.
Why a prenuptial agreement helps
Even though New Jersey is not a community property state, your property from before the marriage could be subject to division in a divorce. If marital assets mixed with this property, the property itself may become part of the marital estate. This holds true for a business that you brought into the marriage or a previous inheritance. It certainly applies to a bank account that you already had, provided that you continue to use it during the marriage. This creates uncertainty for you in the future. However, a prenuptial agreement can help alleviate this doubt.
Why more millennials are opting for prenups
In the past, fewer people were inclined to sign prenuptial agreements before marriage. They thought it unseemly to discuss divorce before they were even married. However, millennials are getting married later in life these days. As a result, they have higher net worth and more to lose in the event of a divorce. They are also concerned about what happens to student loan debt in the event of a divorce. Millennials may have also lived through their parents’ divorce and seen some of the discord of dividing assets.
If you are getting married, it may benefit you to reach out to a family law attorney to learn more about how this contract could provide you with protection in the future. Having legal representation keeps you from having to directly negotiate with your partner. Second, working with an attorney may increase the likelihood that the agreement would hold up in court if it were ever challenged.