Despite the fact that roughly half of first marriages and an even greater percentage of second and third marriages end in divorce, many people do not have prenuptial agreements. Whether it’s because they are afraid of broaching the subject with their spouse or just don’t see the need, they have unwisely postponed decisions on property and debt issues until their marriage ends. A prenuptial agreement, if properly drafted, can save both spouses a great deal of financial expense and emotional stress.

If you and your spouse opt to create a prenuptial agreement, it can cover most aspects of your property and finances. Here are some specific items that can be included:

• How you want assets divided if you divorce, including bank accounts, insurance policies, retirement assets, business assets and real estate
• Provisions directing which marital debts should be assigned to whom
• Provisions allowing children from previous marriages to inherit your property
• How joint bank accounts and other joint accounts should be handled upon divorce
• Whether you will use mediation or arbitration to resolve disputes about the prenup
• Your choice of which state’s law should apply to disputes about the prenup
• The measure of alimony to be paid upon divorce

With regard to alimony, it should be noted that prenups cannot totally prevent a New Jersey court from awarding it. Courts have the authority to disregard alimony provisions in prenups if they are unfair or unreasonable under the circumstances.

Certain provisions are not enforceable in prenups under New Jersey law, including those concerning the following:

• Child custody or parenting time arrangements
• Child support arrangements
• Provisions that would require a party to do something illegal
• Terms that could be interpreted as encouraging divorce
• Attempts to dictate personal matters such as how children should be raised, what relationship a party should have with former in-laws or requiring a spouse to dress or behave in certain ways

While you technically do not need to hire a lawyer to create a prenuptial agreement, courts are skeptical about upholding agreements entered into without legal advice, because these are more likely to be one-sided. You are much better off with each of you being represented by an experienced family law attorney. The expense is justifiable compared to the costs that could arise if you don’t have a prenup or if you create one that is later declared unenforceable.

At the Martone Law Group, LLC in Haddon Heights, I help clients in Camden and Burlington counties create enforceable prenuptial agreements addressed to their unique circumstances. Please call me at 856-432-4587 or contact me online to arrange a free initial consultation.