The short answer is in a family with a high-net-worth, a prenuptial agreement is invaluable especially when the party marrying has an interest in a family business. Prenuptial agreements in these situations are very common as the family wants to protect the family business in the event that a divorce arises.
The agreements are intended to hold up in court and that is why it is essential that the agreement include the party’s rights and obligations and includes full disclosure of the party’s assets and debts. The full disclosure is supported by documentations such as statements of net-worth, investment statements, savings statements, retirement statements, tax returns and those parties should be represented by council. Parties sometimes will not enter into a prenuptial agreement because they think it will harm the romance of the wedding.
However, once you’re married, entering into a post-marital agreement is risky and I would not gamble on their enforceability. However a prenuptial agreement can be amended after the marriage, which is another good reason to have one.
New Jersey attorney Cynthia Ann Brassington is certified by the Supreme Court of New Jersey as a Matrimonial Law Attorney, and regularly helps people to resolve their divorce-related issues, from property division, to child support, and custody. To learn more about Cynthia and her practice visit www.LinwoodFamilyLaw.com.