Planning a wedding can be an exciting time, but many couples also want to gain clarity about their finances and future rights. A prenuptial agreement can help couples protect assets and children, and set expectations before a marriage. Understanding how New Jersey law treats inheritance rights in a prenuptial agreement is crucial in protecting yourself and your family. Continue reading for more information and consult with an experienced Bergen County family lawyer to obtain skilled legal representation.
What is a Prenuptial Agreement?
A prenuptial agreement, or prenup, is a contract that two people enter into before they get married. It’s designed to outline how financial matters will be handled if the marriage ends in divorce or if one spouse passes away. While prenuptial agreements often have a negative connotation and are thought of as planning for failure, they are actually a tool to plan for the future.
A prenup allows couples to decide things like how assets and debts acquired before and during the marriage will be divided. You can also specify spousal support (alimony) obligations, which is helpful for setting expectations and minimizing conflict later on. These agreements can also be used to protect specific business interests or to ensure that family property stays in the family. It gives couples control and clarity over their financial future and helps avoid costly and drawn-out legal battles.
Can I Include Inheritance Rights in a Prenuptial Agreement in NJ?
The term “inheritance rights” refers to the legal claim that people have to certain assets after someone they know or are related to passes away. Even if there is no will or trust set up when a person dies, their family (mainly their spouses and children) has certain rights to the estate left behind.
When drafting your prenuptial agreement, you can include inheritance rights as one of the topics being addressed. Prenups can include a variety of stipulations regarding inheritance. For example, the document can specify that assets you receive through inheritance during the marriage are to remain separate property and not be subject to distribution in the event of a divorce.
Importantly, your prenup can outline how your assets are to be distributed upon your passing or incapacitation. Either spouse can waive their right to inherit the other’s estate or agree to receive only certain assets. Because each couple’s prenuptial agreement is unique, you can include a variety of clauses tailored to your specific situation.
How Do Prenups Benefit Couples With Children From Past Relationships?
Including inheritance rights in your prenup is always a good idea, but this is especially true if you or your spouse have children from previous relationships. It is important that you protect your children’s rights regarding your estate. As a parent, you can use this contract to preserve assets for your kids by clarifying ownership, inheritance rules, and distribution of your estate.
Including inheritance rights in your prenup can prevent conflicts and minimize risk, but these documents must comply with state laws. Reach out to a skilled attorney for more information and legal representation today.
