The state of New Jersey recognizes prenuptial agreements, cohabitation agreements, and domestic partnership agreements when considering the distribution of assets and awarding alimony. If you are getting married in the state of New Jersey and have questions about a prenuptial agreement, please contact Aretsky & Aretsky. We work closely with our clients to gain a complete understanding of their circumstances and concerns. Our attorneys know the legal requirements necessary to draft prenuptial agreements that will be binding in the event that the marriage fails. Some of the prenuptial agreements we have drafted included clauses addressing:

• business assets
• real estate
• the length of the marriage
• alimony
• the appreciation of assets
• premarital property
• inheritance issues
• pensions
• fidelity

When drafting prenuptial agreements, we use the process to foster open communication between couples. Often, people entering into a marriage do not have a comprehensive understanding of their partner’s assets and debts. By clearly presenting all the assets the couple brings to a marriage and establishing liabilities and responsibilities, couples are able to enter into marriage with less anxiety.

The following article found on VoicesYahoo.com, http://voices.yahoo.com/why-people-sign-prenuptial-agreements-3302782.html?cat=7, offers some interesting commentary on the prenuptial agreement. For example the agreement can protect the less wealthy spouse.

Why Do People Sign Prenuptial Agreements?

Christine Bude Nyholm, Yahoo Contributor NetworkMay 12, 2009

The prenuptial agreement is a premarital contract that spells out the financial settlements that would take place in the event the marriage ends in divorce. Prenups are usually associated with wealthy people, but they may also be advisable for people with children from prior marriages, business owners or people who may come into an inheritance in the future.

There are several reasons that a person signs a prenuptial agreement. Wealthy people that enter marriage with substantial assets are likely to require a prenuptial agreement on advice of their attorney. Their betrothed may sign the agreement as a stipulation of entering a marriage they desire.

The prenuptial agreement turns the marriage into what seems like a business arrangement, but the agreement can protect both spouses. While one could take a moral high ground and say that people should not enter marriage with the anticipation of divorce, the sad fact is that the divorce rate is high. A prenuptial agreement does not mean there will be a divorce, but offers a level of comfort and assurance in knowing how property and assets will be divided in the event the marriage comes to an end.

People who sign a prenuptial agreement in advance have the psychological benefit of knowing in advance what their financial picture would look like if they get divorced. People who sign a prenuptial agreement often have assets and property to protect. They may want to make sure that their assets will be kept out of marital property so that they can pass on to their children or specified beneficiaries.

People who have substantial wealth, assets, anticipated inheritance, retirement saving, property holdings and children from a prior marriage can benefit from the assurance offered by a prenup. It is also common for people who have been married previously to desire a prenup, possibly because both parties have their own assets and children to leave them to. Prenuptial agreements help to assure all parties that the division as assets will not be an issue in case of a divorce.

People who own a business also may wish to have a prenup so that the business stays whole in the event of a claim against it in case of divorce. People who anticipate receiving an inheritance may also try to prevent the inheritance from being considered marital property. Prenuptial agreements can also benefits the less wealthy spouse, as they have the chance to negotiate their future financial settlement and alimony prior to the marriage, when people should be getting along better. The prenuptial agreement should be drafted to be fair to both parties, for the sake of the marriage and also to prevent it being overturned in the event of a divorce. Information in this article is not intended as legal advice. If you have a question about prenuptial agreements, or other legal matters, consult an attorney.

If you are getting married in the state of New Jersey and have questions about a prenuptial agreement, please contact Aretsky & Aretsky in Bergen County, New Jersey. Aretsky and Aretsky, Attorneys at Law have four locations in Bergen County to help better serve your needs: Hackensack, NJ, and our new meeting locations by appointment only in Ridgewood, Mahwah and Fort Lee, NJ. Contact Aretsky & Aretsky at 201-580-3411.

A man once considered to be one of the most influential people in the world now reportedly stands to lose a good chunk of his fortune during his divorce.

What is reportedly the main culprit? Not the oil baron’s alleged infidelity, but the lack of a prenuptial agreement. Harold Hamm, chief executive at Continental Resources, is in the middle of divorcing his wife of 25 years, according to Reuters. An article on CNBC says it could end up being the costliest divorce settlement in history and threaten the stability of Continental Resources.

Settlement Could Exceed $3 Billion

Such a divorce settlement could cost Hamm $3 billion or more, which would make his wife one of the 20 wealthiest women in the United States. Forbes estimated earlier this year that Oprah Winfrey’s fortune is estimated at $2.8 billion. Hamm’s fortune is estimated to be at least $11 billion. Sue Ann Hamm, 56, is a former attorney at Continental Resources. She and her estranged husband have two daughters. According to the CNBC article: The couple tried to quietly litigate their divorce by filing anonymously as Jane Doe v. John Doe in an Oklahoma court last year. But many details have emerged since Reuters got wind of the story.

Couple Agree To Two Key Terms

Sue Ann is reportedly alleging that her husband was unfaithful. However, the couple have reportedly agreed to two key terms: a no-fault divorce and to set the date of separation at sometime in May 2012. The separation of assets would then be based on the estimated wealth of the couple on that date, which is key because the value of Continental Resources has nearly quintupled since 2007. Oklahoma law allocates assets based on “equitable distribution,” which means assets are divided based on what’s fair, not equal.

Court to Decide How Much Wife Contributed

It’s unclear how Harold Hamm, who reportedly owns more oil in the ground than anyone else in the United States, would produce the necessary settlement sum. Continental Resources spokespeople declined to comment to the media on the matter, saying the divorce is a private matter. But a costly settlement could affect the future of Continental Resources since Hamm owns 68 percent of the company. If Hamm decides to sell a portion of his share, he may no longer be the majority shareholder and other owners could become more powerful in the company. The divorce case is reportedly entering the “valuation phase,” where the judge must decide how much Hamm’s own hand and his wife’s support together played in the success of Continental, or whether outside forces had a bigger role. Sue Ann would stand to get more if the judge finds that Hamm, with his wife’s support, was instrumental in guiding the company to success.

Rags-to-riches story

Hamm’s rags-to-riches story might work against him. He is the 13th child of an Oklahoma sharecropper who first started out at age 20 scrubbing scum from oil barrels. Just a few years later, he discovered a 75-barrel a day oil gusher and catapulted his earnings into a university education that led him to found Continental in 1967. Continental gradually grew, finding most of its financial success after 2007. Legal experts are estimating that the final settlement could possibly go 60 percent higher than Rupert Murdoch’s last divorce, currently the highest divorce settlement ever. Photo credit: Tax Credits

Crazy About Your New Spouse, BUT You Want a Prenup! In this day of multiple marriages, we are all entering into our nuptials with a lot more “history.” We may have substantial assets, large incomes, or one or both parties might have large outstanding debt. It may not be romantic, but many couples today are choosing to be 100% committed on everything but the finances. Therefore, a common question people ask a divorce attorney in Bergen County such as Eric or Dolores Aretsky, is what things should be included in a prenuptial agreement? Your agreement should be tailored to your individual circumstances, but here are some things that should be covered:

1. Property, and each party’s rights and obligations in terms of it.
2. The rights to buy, sell, transfer, or otherwise manage and control property.
3. What will happen to property upon separation, divorce, death, or in the case of another major event that affects your marriage.
4. Spousal support.
5. How the provisions of the agreement will be carried out.
6. The ownership rights in and disposition of death benefits from a life insurance policy.
7. The choice of law governing the agreement.
8. Any other rights and obligations you want included, based on your individual circumstances, except in the case of child custody or other things that would violate public policy.

We all want our marriages to be until death do us part, and good for you if you are throwing it all in without restrictions at age 45. But if you want to be a little more cautious, come see us about a prenuptial agreement. Call us today at 201-580-3411 or email us at aretskylawfirm@optimum.net. If you liked this article, you might also like: Do we need two lawyers to create a prenup?

As divorce attorney Bergen County we often represent people in creating prenuptial agreements. Did you know that if you don’t each have your own lawyer when drawing up your prenuptial agreement, it will be unenforceable? In creating a prenuptial agreement, both parties must have independent counsel. Many couples are under the impression that they can have only one attorney represent the both of them. Of course engaged couples would like to save legal costs, and hiring attorneys adds up. The courts require, however that each person have his or her own legal counsel. When you retain an attorney, they will only be able to represent one of you, and are required to advise the other party to get their own lawyer. By having proper representation and following the recommendations of your attorneys, you can make sure that your prenuptial agreement fairly represents both party’s interests, and that it is one that will be upheld in court should you ever get divorced.

Are you planning to sit down with a family lawyer Bergen County before your marriage to create a prenuptial agreement? Children, whether born before or during the marriage, cannot be part of a prenuptial agreement. Issues relating to custody, visitation, and child support have to be settled at the time of a separation or divorce, not before. The reason for this is that the court uses the child’s best interests, not agreements of the parents, to set custody and child support. Because many circumstances regarding a child’s interests will change during a marriage and in the case of a divorce, none of these matters are allowed to be settled in a prenuptial agreement. However, some parenting issues may be made easier if your financial agreements have been settled ahead of time in a prenup. Not having to settle these things through a court process if you get divorced may free you to focus on your parenting issues, reducing the stresses on you at that time. The court will look at a number of issues in determining the best interest of the child including financial, emotional, educational, geographical, and other factors.

A family lawyer Bergen County can help make sure your interests are protected in your prenup, and that the agreement you make is one that will be enforceable in court. An oral contract is not sufficient. The agreement has to be in writing to be enforceable. Its important that both parties fully disclose their circumstances in the prenup and in the attached statement of assets. If someone is not honest or forthcoming in this process, the contract may be unenforceable.

In determining whether or not to honor a prenuptial agreement, the court will consider whether the process for coming to it was fair. If either party unfairly manipulated the process, the contract may not be honored. For this reason its wise to consult an attorney in creating the prenuptial agreement. Ultimately, the contract is yours and the two of you must agree to it together and have it notarized for it to be valid.

Many couples choose to consult a family lawyer Bergen County to create a prenuptial agreement before getting married. A prenuptial agreement, sometimes called a premarital agreement, antenuptial agreement, or “prenup” is a contract used by a couple to determine what each party’s rights and obligations will be if they ever get divorced (or sometimes if one party dies). A prenup may also used to protect property during the marriage, or protect one party from their spouse’s debts.

The written agreement can be drawn up with an attorney to include things like spousal support or the division of assets, should you get divorced. It may identify certain conditions that would be different should the marriage ever end because of adultery.

If you are engaged, having a good prenuptial agreement can provide security for you, knowing that you will not have to go through the financial and emotional strain of settling these things in court if you ever get divorced. The contract goes into effect once you are married.