Prenups and Inheritance Rights

Often, marriage is viewed as a symbol of a union between two individuals coming together as one. Traditionally, this union has meant a variety of things, ranging from changing last names to creating joint bank accounts. Today, though, there are less defined shifts that occur when two individuals join together in marriage.

Weighty decisions around finances are left up to individual priorities and values rather than tradition or societal expectations. One of these decisions is prenuptial agreements, as well as what can be included in them. Prenuptial agreements are often thought of as a way to prevent a lengthy divorce settlement if the marriage dissolves itself, but they can also protect your inheritance rights coming into a marriage. Such agreements are often viewed with disdain by couples as a sentiment that a marriage is doomed for failure, but in fact, it should be looked at as a means to disclose what each party has for expectations and actually can enhance the trust process between two people.

What is a Prenuptial Agreement?

While not everyone will recognize the need for a prenuptial agreement, everyone should understand what they are in case they decide an agreement is a good fit for them and their future spouse. A prenuptial agreement is a contract that lays out exactly how various scenarios would be resolved should the marriage ever have to be dissolved. A common prenuptial agreement specifies a list of assets the parties have prior to the marriage and how assets and debts will be divided after the couple’s divorce. Indeed, some of the more common assets in a marriage are referred to as marital property, which broadly covers all the property that is acquired by either spouse throughout the marriage. These marital properties, if unprotected in a prenuptial agreement, are subject to equitable distribution at the time of divorce.

Why Would I Need to Include My Inheritance in My Prenuptial Agreement?

New Jersey is an equitable distribution state, generally meaning that in the event of a divorce, state law indicates that all assets that are acquired during the marriage other than by gift or inheritance to one party must be distributed as equitably as possible. In following divorce proceedings, factors such as the length of the marriage, age, health, conduct within the marriage, occupation, income sources, estate, and vocational skills are all taken into consideration. Each of these factors weighs into a judge’s decision regarding the divorce settlement.

This means that if an asset such as a future inheritance is not strictly defined in a prenuptial agreement, it could be lost or divided in the final settlement. Even a premarital inheritance could be subject to consideration as far as ultimate equitable distribution and issues of family support if not defined properly in a premarital agreement. It is important to protect yourself by creating a detailed prenuptial agreement before entering into a marriage.

Create a Comprehensive Prenuptial Agreement by Contacting Our Team

With so much on the line, it is important to hire an experienced attorney to draft your prenuptial agreement. With a variety of procedural requirements and financial disclosures, a quality attorney can make the difference between a future Court challenge or a painless divorce settlement. At Moskowitz Law Group, you are our priority. Call our office to meet with our team of passionate attorneys and get started on protecting your future today.