Marriage represents a loving commitment between two people, but it also symbolizes a financial partnership. To protect individual assets and avoid potential disputes, some couples in New Jersey opt to sign a prenuptial agreement before their marriage. However, many misunderstandings surround prenuptial agreements, leading to confusion and incorrect assumptions.
Debunk some common misconceptions about prenuptial agreements in the context of a New Jersey divorce so you can make informed decisions should you ever face this situation.
Misconception: Prenuptial agreements are only for the wealthy
Many believe that prenuptial agreements serve only those with significant wealth. However, even couples with modest assets can benefit. You might want to protect a future inheritance, a small business or even personal items of sentimental value. A prenuptial agreement provides a means to do that.
Misconception: Signing a prenuptial agreement means you plan to divorce
Signing a prenuptial agreement does not mean you foresee a divorce. Rather, it is like an insurance policy. You hope you never need it, but it offers protection if the worst should happen.
Misconception: Prenuptial agreements decide child custody issues
Prenuptial agreements cannot dictate the terms of child custody or visitation rights in New Jersey. The courts always base these decisions on the best interests of the child, not pre-determined agreements between the parents.
Misconception: Prenuptial agreements are ironclad
While courts in New Jersey generally respect prenuptial agreements, they will not enforce them if they deem them to be unfair or signed under duress. Also, if the agreement does not disclose all assets fully and truthfully, a court may set it aside.
Prenuptial agreements serve a useful purpose in protecting individual assets and reducing conflicts during a divorce. By understanding the truth about these common myths, you can make better decisions about prenuptial agreements.