Marriage contracts are common today, even for first marriages. They are especially common for those who have already been married. While prenuptial agreements may be viewed with skepticism by some, in most cases, marriage contracts are formulated fairly and requested for understandable reasons. ”People are starting to understand that they have the power to write the laws that oversee their marriage,” Hekmat says. Whether you like it or not, when you get married, you accept a `prenup`: the laws of the state in which you live that govern your marriage and divorce. A prenuptial agreement is the rare opportunity to craft your own unique laws for your own unique marriage without giving in to cookie-cutter laws that may not apply to you and your partner. Christopher S. Hildebrand, an attorney in Scottsdale, Arizona, tells his clients to treat marriage contracts as an insurance policy. A prenuptial agreement can prevent a dispute over a will when one of the parents dies.
For example, in New York State, you have to leave something for your spouse, no matter what you say in your will. A marriage contract can allow a couple to replace this law,” Brenner explains. A prenup is a legal contract that a couple entered into before the marriage and that determines how their property should be divided in the event that their marriage ends. At Mulligan Avocats, one of our specialties is family law, including marriage contracts. ”These couples have the opportunity to create specific provisions to govern their marriage, which will create a stronger foundation for a happier and more successful marriage,” says Hekmat. ”The stigma of marriage contracts is starting to fade. People are increasingly aware of their finances as well as their marriage as a whole, and partners want to play a proactive role in creating successful partnerships. ”Last-minute and/or printed signatures will be cancelled more easily when it`s time to get the deal through,” she said.
Of course, there are certain aspects related to divorce to signing a marriage contract. For example, one of the main reasons people enter into prenuptial agreements is to protect their personal and real estate assets that accumulated before marriage. Although property held before the date of marriage is generally considered ”separated” property that is not subject to division upon divorce under New Jersey law, there are exceptions. Often, both spouses benefit by specifying that the property they had before the marriage belongs to them in the event of divorce. This can avoid potential fights, legitimate or not, over assets if the marriage ends. Marriage contracts can be sensitive areas. Your future spouse may very well ask, ”Why would you need a prenup?” First, it is not a question of why a partner needs the agreement. It`s about how a marriage contract can benefit both of you. If you think it`s in your best interest to get a prenup, it`s important to tactfully explain to your future spouse the benefits they can offer.
The six reasons we`ve discussed here can help you do this by illustrating cases where it`s in your mutual interest to resolve issues in writing. In this way, you can show that, contrary to popular belief, a marriage contract goes far beyond simple ”divorce planning.” It is also about planning together for a prosperous future. Under Illinois law, prenuptial agreements are governed by the Illinois Uniform Premarital Agreement Act. A prenuptial agreement can clarify the respective obligations of the spouses, even for debts contracted individually. For example, a prenuptial agreement might stipulate that each spouse is solely responsible for settling their own credit card debts incurred before the wedding — or perhaps for what each of you will charge during the marriage, even if the fee is for wedding expenses. If your spouse has a lot more debt than you, this can be especially important. The Uniform Premarital and Pre-Civil Union Agreement Act (NJ Rev. Stat. §37:2-34) governs marriage contracts in New Jersey. .