A prenuptial agreement is contract that couples in New Jersey and throughout the country can enter into before they get married. The contract can determine how assets and debts are divided in the event of a divorce, and it can also stipulate whether either party to a relationship is entitled to alimony. In recent years, prenuptial agreements have become more popular among younger people who tend to have more assets to protect.
Younger individuals saw their own parents get divorced
Roughly one-third of millennials are children of divorce, which means that they tend to understand how a divorce can impact a person’s life. In some cases, their parents have been the ones to insist that they get a prenuptial agreement or take other steps to protect their interests.
Anyone can benefit from a prenuptial agreement
Traditionally, prenuptial agreements have been seen as tools that only rich or famous people used. However, the truth is that you can benefit from such an agreement regardless of how much wealth you have when you get married. If you plan on starting a business in the future, a prenuptial agreement can prevent you from ceding a portion of the company to your spouse in a divorce.
A custom divorce agreement can safeguard your financial future
Millennial men wait until roughly their 30th birthday to get married for the first time while millennial women wait until they are roughly 28 to get married for the first time. A prenuptial agreement may make it easier to protect funds in a 401(k) from being allocated in a divorce settlement. It may also ensure that real estate, stocks or other property that you worked hard to acquire will not be taken away if a marriage fails.
If you want to learn more about prenuptial agreements, it may be wise to consult with an attorney. He or she may be able to help you draft an agreement or review any contract that you and your spouse have created before it goes into effect.