Prenup For Future Earnings
New Jersey prenuptial agreements for men and fathers are meant to define separate assets acquired prior to the marriage so they aren’t up for grabs in the event of a divorce. They are widely misunderstood; most men believe a prenuptial agreement is only beneficial to celebrities, billionaires, and people who own dozens of pre-marital assets. In reality, most prenuptial agreement attorneys in New Jersey work with many middle class couples who want to enjoy their marriage with the peace of mind that they will be financially protected if their partnership ends.
Let’s explore exactly what a prenup covers and how it will protect you during a divorce.
Premarital Assets in New Jersey
You aren’t technically required to have a prenup in New Jersey to be entitled to your premarital assets during a divorce. However, it can be very difficult to prove which assets are premarital, especially if many years have passed since you acquired them. We can’t blame you for getting rid of documents that prove you purchased a boat with your own money in 1997, but this can cause issues down the line. Another issue involves how much you have spent to improve your assets during your marriage. Your spouse’s New Jersey family law attorney could argue that some portion of the asset should be considered marital property if you used joint finances to finance an addition on your beach house (even if you purchased it years before getting married).
A prenuptial contract is one stress-free way to define premarital assets before you ever consider a divorce. You can easily lay out whose property is whose and what will happen to it during a divorce. In addition, the prenup can state that any property purchased with separate funds during the marriage will remain the property of the spouse who purchased it.
Does A Prenup Protect Future Earnings?
The short answer is yes, you can retain assets of your future earnings in a divorce if that condition has been outlined in your prenup. Your prenuptial agreement will define what constitutes “marital property,” which means you can specify that when property purchased during the marriage can be traced back to either party’s separate property, then the marital property in question will be divided in proportion to the contribution from each party in the event of a marriage dissolution. For example, if you earn ten times as much as your spouse, and you buy a home together during the marriage, you may be entitled to ten times more of the property’s value than your spouse is during the divorce. When it comes to monetary assets, a prenup can also protect the future earnings of one or both parties so they are not up for grabs during a divorce.
At The Micklin Law Group, we offer comprehensive family law services for men and fathers. Our prenuptial agreement lawyers in New Jersey are well-equipped to create a comprehensive, personalized agreement that addresses your current and future assets.
