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Prenuptial agreements may provide asset protection in divorce

| Nov 5, 2018 | Divorce

A common misconception among those who are about to get married in New Jersey is that they do not need prenuptial agreements if they are not wealthy. However, celebrities and extremely wealthy people are not the only people who may need prenuptial agreements. Anyone with assets that he or she would not want to lose during divorce may benefit from drafting a prenuptial agreement.

According to a recent survey, an increasing number of people during the past few years have pursued prenuptial agreements prior to getting married. Clearly, more individuals are realizing that they do not need to own real estate or other high-value assets to take advantage of prenuptial agreements. Likewise, these legal documents are not reserved just for those who have trusts.

New Jersey is considered an equitable distribution state. In other words, a divorce court divides all of a couple’s marital assets in a manner that it deems equitable, or fair. This may mean that one spouse ends up with more assets than the other one, based on a number of factors. However, if people want to control how they split their assets, rather than leaving this decision to the court, then putting together prenuptial agreements is a wise idea.

An attorney can help an individual to put together the right prenuptial agreement for his or her needs. For those who are already on the road to divorce and lack these legal contracts, the attorney can still help them through the divorce negotiation or mediation process if they do not want to go through traditional divorce litigation. If avoiding divorce trial is not an option for an individual, the attorney can help the divorcing spouse to aggressively pursue the best outcome, given the circumstances surrounding the divorce.