When most New Jersey couples are planning to wed, the last thing on their minds is negotiating the terms of the end of that union. However, statistics suggest that nearly half of all marriages will ultimately end in divorce. Understanding property division and alimony roles can help couples negotiate a prenup that is fair to all parties.
One thing that many people fail to understand is that alimony is different from one couple to the next. Even in families where one partner earned the bulk of wealth, the other spouse has a significant claim on those assets. That is especially true if they put aside their own career to support the advancement of their partner.
Alimony also comes into play when one or both partners work in creative industries. An album, book, movie or other artistic creation could earn royalties for many years to come. Without a properly drafted prenup, a spouse who played no direct role in creating that work of art could still reap the financial benefits for many years after the marriage has ended.
For those in New Jersey who are planning a wedding, it is important to set aside time to research alimony and property division. Understanding these matters in advance can make it far easier to negotiate a prenup to protect the interests of all involved. That may not be the most romantic task leading up to a wedding, but it is one that can pay off many times over in the years to follow.
Source: theweek.com, “How marriage can transform your finances – for better or worse“, Amanda Gladin-Kramer, Oct. 19, 2017