For wealthy New Jersey couples, a prenuptial agreement is an absolute requirement for marriage. A prenup can be negotiated to include any number of terms, some of which are common and others that are uniquely geared toward the needs of that particular couple. A prime example lies in clauses intended to address length of marriage in the event of a high asset divorce.
When drafting a prenup between a moneyed partner and one with few assets, a predominant focus is on protecting wealth from loss in the event of a swift divorce. That is an understandable concern, as there are many cases in which a marriage ends within a short period of time, and the spouse with more wealth loses a considerable chunk of those assets. A prenup can prevent such a loss.
On the other hand, a less wealthy partner may have reservations about signing away his or her right to a portion of marital wealth in the event that the union ends after a lengthy period of time. There are cases in which a prenup excludes the majority of wealth from division during divorce. If a moneyed spouse should decide to end the marriage to pursue another relationship or for any other reason, a devoted partner could be left with little to show for decades of investment in the marriage.
Couples can and should discuss length of marriage when negotiating prenuptial agreement terms. While a prenup can be a powerful tool to prevent loss during high asset divorce, it must also be fair and balanced. For many New Jersey couples, writing in terms pertaining to length of marriage is a great way to balance the needs of both parties.
Source: hometownlife.com, “Key issues every prenup should cover“, Henry Gornbein, Jan. 14, 2018
