A prenuptial agreement is a contract between two individuals prior to marriage setting forth the terms of their assets, liabilities, holdings, and other items in the event of a dissolution of the marriage. Are you thinking about getting a prenup, or have you been asked to sign one? Check out these three key items below
1. You Need Time
Prenuptial agreements can be complex, require due diligence of both parties, and are not something to take lightly - they are not something that should be drafted on your "wedding-eve." In order to make sure your prenuptial agreement suits your needs, be sure to give your attorney plenty of notice. Adequate time to prepare the prenuptial agreement is a crucial step in ensuring the outcome you want.
2. You Should Have Representation for Both Parties
A key aspect of prenuptial agreements often overlooked by clients is making sure both parties retain legal counsel. Although not required by law, retaining separate counsel by both parties can better ensure your rights are protected and may help down the road in case there is ever a dispute.
3. Prepare a List of Assets and Liabilities
If you want to save some time throughout the prenuptial agreement process, do your homework. Before you have your first meeting with your attorney, prepare a comprehensive list of all your assets and all your liabilities. It's always smart to err on the side of "over-inclusion" --- your attorney should let you know if something on your list isn't necessary.
Julianne C. Smith, Esq. is a family law associate at the Weiner Law Group LLP, located in Parsippany, NJ. She dedicates her practice entirely to the area of Family Law, including divorce, custody, parenting time,child support, spousal support, and equitable distribution. She offers free family law consultations at her Parsippany, NJ office.