Divorce involves extremely complicated financial issues that usually revolve around property, children, and investments. While not all marriages end in divorce, you should always be in a position to protect your interests and the interests of your children.
One of the ways you can protect yourself after you’ve already tied the knot is to contact a New Jersey attorney experienced with family law and discuss the possibility of a postnuptial agreement.
Equitable distribution in New Jersey
New Jersey courts divide marital property using the rules of equitable distribution. This does not mean that the property will be divided 50/50. In actuality, the court will consider multiple factors such as duration of the marriage, standard of living, and which of you has physical custody of the children when dividing property.
If you and your spouse are divorcing in an amicable fashion, you have the right to come to a mutual agreement concerning the division of property. The agreement will have to be in writing and approved by the court in order to be binding.
However, if you already have a postnuptial agreement in place, the court will typically honor it so long as the arrangement is reasonably fair to both parties.
One of the benefits of preparing a postnuptial agreement is that it gives you and your spouse the opportunity to discuss the division of property in a reasonable setting without the negative emotions that run rampart during divorce proceedings.
Making decisions during the separation or divorce process increases the complications of an already difficult time. Already having an agreement in place that addresses the division of property will allow you to spend more time focusing on yourself and healing the wounds caused by the split.
Protect your children
If you are on your second or third marriage, a postnuptial agreement can provide a level of protection to your children from a previous marriage.
Often, children find themselves without a significant portion of their inheritance due to their parent’s divorce from a stepparent. A postnuptial agreement will protect those assets you wish to pass down to your children.
Whether you have a postnuptial agreement or not, there are still options to protect your interests when it comes to property division due to a divorce. Negotiation and mediation between you and your spouse can also generate a reasonable property division not dictated by court order.
Contact a New Jersey attorney today to find out how you can protect your assets and keep property division out of the hands of a judge.