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Planning for future property division before marriage

| Feb 19, 2020 | Property Division | 0 comments

January is recognized in some legal circles as divorce month because many see an increase in divorce filings in New Jersey during that month. This is sometimes attributed to the idea of starting over with a clean slate. February is regarded in some circles as engagement month due to the preponderance of engagements that occur around Valentine’s Day. When a person is contemplating getting married, it may not be thought of as the time to consider future property division in the event of a divorce.

While the overall divorce rate may be on the decline, a significant number of marriages still end in divorce. Before marriage may be a good time for a person to consider protecting one’s assets. A prenuptial agreement gives one the opportunity to determine how assets may be divided in the event of a divorce. This can include how wealth amassed during the marriage will be distributed.

Another strategy that can be used is communication regarding mutual goals and aspirations where financial issues are concerned. A common cause of marriages breaking down is a lack of communication regarding finances. If a couple is not on the same page in this regard problems in the marriage may arise.

Getting engaged and finding the person one believes he or she wants to spend the rest of one’s life with can be one of the most exhilarating times in a person’s life. Taking some time to step back and do a little bit of financial planning and taking proactive steps to protect against the possibility of future property division may actually help prevent the need for it. Consulting with a family law professional in New Jersey may be helpful in determining what are the best steps to take.