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Marlton Family Law Blog

The importance of a prenup

Prenuptial agreements are quickly becoming the norm for any marriage. In fact, a report in Time Magazine showed that Millennials, more than previous generations, are hopping aboard the idea that prenups are fundamentally a good thing when it comes to marriage.

Many people are against the idea of prenups. They think that signing a prenup means setting up the marriage for divorce. That is not the case at all. In fact, there are several reasons why couples will benefit greatly by having a prenuptial agreement in place.

Don't forget the engagement ring in a prenup

A prenuptial agreement can prevent many disputes and litigation costs over property division in a New Jersey divorce. Any advantages are more likely if these agreements are well-drafted and address property that has the potential for a dispute. When negotiating and drafting these agreements, future spouses should also consider property that usually does not come to mind.

These agreements should be negotiated and drafted, with each party having their own attorney, long before the wedding day. The couple should specifically identify and address specific property instead of generally allowing each spouse to keep the property they owned before marriage. Otherwise, a prenuptial agreement may not cover any property during marriage and changes in its value or form.

Financial decisions in a divorce can be complicated

Property division in a high asset divorce in New Jersey involves complex decisions, which are hampered by the emotions and turmoil accompanying the end of a marriage. However, certain financial matters require especially objective and reasoned judgments.

For example, a spouse should create an independent credit identity by applying for their own accounts while joint income may be used to qualify. A spouse must review all accounts to determine whether they are individual or joint accounts and for identifying authorized users. A budget should be developed for income after the divorce to determine the amount of debt the spouse can deal with.

How do courts decide what's 'equitable'?

The property division process of divorce is often quite contentious. Considering what is at stake, from your home to future financial security, it is no surprise that people see this step as a battle.

However, one way to ease some of the contention associated with property division is to familiarize yourself with the process so you know what to expect. In this post, we will look at the factors New Jersey courts will consider when determining how to fairly -- or equitably -- divide the marital property. 

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