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The Importance of Full Financial Disclosure in Prenuptial Agreements
When it comes to a prenuptial agreement, both parties must present all of their assets. This is done so that each party can be fully informed when making an agreement. Sometimes, one or both parties chooses not to disclose an asset. This may be done because they don’t feel that the asset is important, or because they are attempting to keep it hidden. While it may not seem like a big deal, failing to disclose all of your assets can have a large negative impact later on.
What is a Prenuptial Agreement?
A prenuptial agreement is a legal document that a couple creates and signs before they get married. This document is created to protect both parties financially in the event of a divorce. For example, a prenuptial agreement may be created if there is a large discrepancy between a couple’s assets, if there is a business involved, and so on. Some couples shy away from creating prenuptial agreements because of the implications, but a prenuptial agreement does not imply a future divorce. Some couples do not make a prenuptial agreement and later decide they would like one. If you are already married, you can create a postnuptial agreement. This is the same document, with the same purpose, just created after marriage. If you are interested in creating a prenup or postnuptial agreement, contact our firm today.
The Consequences of Failing to Disclose
A prenuptial agreement can be a great preventative tool. When a couple chooses to get a divorce, they will have to decide upon a lot of important matters and it can be difficult to agree. Some of these matters likely include alimony, division of assets, etc. A prenuptial agreement may already address these issues, so when it comes time to get a divorce, matters are already settled. This can help a couple avoid a long and difficult litigation process. But, if you do not fully disclose your financial information when creating the prenuptial agreement, your prenup may be considered invalid. This could lead to a long litigation process, a loss of assets you would have otherwise maintained, and might even be considered fraudulent activity.
If you are interested in creating a prenuptial agreement or have questions regarding the importance of full financial disclosure, do not hesitate to reach out to our firm.
Contact our experienced Ocean City firm
Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.
