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New Pre-Nup Law in NJ

New Pre-Nup Law in NJ

A new law signed by Governor Chris Christie last Thursday, the twenty eighth of June, will have a potential everlasting effect on the use of prenuptial agreements throughout the state of New Jersey. The newly signed bill, S-2151, requires that judges are to determine the conscionability as of the signing date, meaning that both parties are held to those terms as of that date, rather than the date of enforcement. The exceptions that would make the agreement unconscionable at the time are determined by whether both parties received full disclosure of assets or were without council at the time of the agreement. The new bill has many attorneys questioning whether this might be the end of the high use of a prenuptial agreements before couples marry. Previously each partner had an opportunity to amend the agreement after it had been signed due to a change in his or her financial circumstances. Couples may be unwilling to sign prenuptial agreements as decisions such as having children or a change in career could have an incredible effect on the outcome of their divorce settlement if they were to decide to dissolve their marriage. Many matrimonial attorneys are anticipating a potential rise in post-nuptial agreements, as they would be allowed to redraft marital contracts every few years to account for possible circumstantial changes in their lives. The new law could have adverse effects on both the wealthier as well as the non-moneyed spouse. The non-moneyed spouses could do potential harm to their finances if the agreement did not impact their compensation if they were to dissolve their marriage. The wealthier spouse however could potentially lose assets if agreed upon so in the prenuptial to protect their pension or for a waiver of alimony payments. With the drastic effect these changes could have on the use of prenuptial agreements attorneys are waiting to see the backlash from the recent law and the potential effect it could have on their practices. In today’s world, where divorce is more the rule than the exception, you should be aware of your exposure in the event things do not work out. If you see a need for a pre-nuptial agreement or want to make sure the one you have is still effective as laws change, you should consult with an experienced NJ family lawyer. For more information about pre-nuptial agreements, post-nuptial agreements, palimony agreements, cohabitation agreements, child custody, visitation, divorce, child support or any other type of family law matter in New Jersey please visit HeatherDarlingLawyer.com. This blog is for informational purposes only. It is not intended to replace the advice of an attorney regarding your specific matter.

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