New Jersey Prenup Info

From Atlantic City to the Jersey Shore, New Jersey is a dream for weddings. But before you and your honey walk down the aisle, have you thought about your prenup? Fear not! We have compiled all the info you need to get started! So, what exactly is a prenup? Well, a prenuptial agreement (i.e. prenup) is a contract between prospective spouses in which the couple decides how they would like to handle property division and other financial matters during and/or after the marriage. Why is that important? Well, if you were to split without a prenup, your divorce (including property division and alimony) is subject to the uniform laws of New Jersey which will dictate the outcome (and may not be favorable to you).

What to include in a valid New Jersey Prenup

For a Jersey prenup to be considered valid and enforceable, it must:

• Be in writing
• Contain lawful terms
• Be signed by both parties (ideally on every page)
• Be signed voluntarily (without duress, intimidation, deceit, etc.)
• Be notarized
• Contain a financial disclosure

What to exclude from your New Jersey prenup

Inclusion of the following provisions could make your prenup invalid:

• Child custody or child support arrangements
• Incentive to commit illegal acts
• Incentive for divorce
• Unfair, unjust, or deceptive terms

Here are a few examples of subjects your New Jersey prenup can cover:

• Property division: Specifying which property will be considered separate or marital property;
• What happens to marital property upon the death of a spouse;
• Spousal support: Specifying whether it should be limited or eliminated altogether;
• Choice of law governing the construction of the agreement;
• Any other provisions (absent the above exclusions) as long as the terms do not violate public policy

>> For more fine print, review the New Jersey state prenuptial agreement statute

Marital Property

Property “acquired during the marriage”

Marital property refers to any real or personal property acquired by a spouse during marriage. Despite what you may think, in the event of divorce, things are not just split down the middle 50/50. New Jersey is an “equitable distribution state”. That means that the courts distribute property and assets based on an analysis of the following factors:

• Length of the marriage;
• Age and physical health of each spouse
• Emotional health of the spouses;
• Each spouse’s income;
• Debts and liabilities of the parties;
• The couple’s standard of living;
• Economic circumstances of each spouse;
• Each spouse’s financial and non-financial contribution to the marital property;
• Earning capacity of each party;
• Whether or not there was a prenuptial agreement; and
• Any other factors the court deems relevant.

>>For the entire fine print, review New Jersey Divorce Law

Nonmarital Property

AKA “separate property”

Separate property includes property that was owned prior to marriage. It can also include property acquired during the marriage via gift or inheritance. However, there are exceptions to even these general statements. That is why having a prenup is the best way to ensure that your separate property remains separate.

Alimony Statute

AKA spousal support

Alimony is financial support provided by one spouse to the other during or after divorce. It is intended to maintain the lifestyle established during the marriage for both spouses. When determining whether alimony is needed, New Jersey courts consider the following:

1. The actual need and ability of the parties to pay;
2. The duration of the marriage or civil union;
3. The age, physical and emotional health of the parties;
4. The standard of living established in the marriage or civil union and the likelihood that each party can maintain a reasonably comparable standard of living, with neither party having a greater entitlement to that standard of living than the other;
5. The earning capacities, educational levels, vocational skills, and employability of the parties;
6. The length of absence from the job market of the party seeking maintenance;
7. The parental responsibilities for the children;
8. The time and expense necessary to acquire sufficient education or training to enable the party seeking maintenance to find appropriate employment, the availability of the training and employment, and the opportunity for future acquisitions of capital assets and income;
9. The history of the financial or non-financial contributions to the marriage or civil union by each party including contributions to the care and education of the children and interruption of personal careers or educational opportunities;
10. The equitable distribution of property ordered and any payouts on equitable distribution, directly or indirectly, out of current income, to the extent this consideration is reasonable, just and fair;
11. The income available to either party through investment of any assets held by that party;
12. The tax treatment and consequences to both parties of any alimony award, including the designation of all or a portion of the payment as a non-taxable payment; and
13. The nature, amount, and length of pendente lite support paid, if any; and
14. Any other factors which the court may deem relevant.

>>For the entire fine print, review New Jersey alimony laws If you don’t want to leave alimony decisions up to the court, you can use your prenup to limit or eliminate alimony altogether!

Divorce Statute

In New Jersey, the official terminology for divorce is “divorce from the bonds of matrimony”.

While talking about divorce before you walk down the aisle isn’t fun, understanding the process will help you to make important decisions for your prenup. There are three options in New Jersey to end a marriage: legal separation, divorce, or annulment. >>For the entire fine print, review New Jersey Divorce Law

New Jersey Divorce Grounds

New Jersey recognizes both “fault” and “no-fault” grounds for divorce. Fault-based grounds include:

• Adultery;
• Cruelty or violence;
• Desertion;
• Drug/alcohol addiction;
• insanity/mental illness;
• conviction of crime (imprisonment for at least 18 months);
• Deviant sexual behavior without consent.

If none of the above grounds apply, you may seek a no-fault divorce. But, be aware that you must have lived separately for 18 months. >>For the entire fine print, review New Jersey Divorce Law