Future of New Jersey Prenuptial and Postnuptial Agreements

Arguably, during a good part of the twentieth century, prenuptial and then postnuptial agreements carried something of a stigma. The reality during that time period was that these types of marital contracts often times were associated with mistrust or with protecting wealthy spouses from a fiancé or fiancée that quietly was pegged potentially as being opportunistic.

The reality is that in the two and half decades since the turn of the new century, recent prenuptial and postnuptial agreements have become what fairly may be called “mainstream.” Factors that include changing family structures, a significant growth in dual-income households, and increasing financial complexity across the board, mindsets have evolved. Intimate partners today see these marital contracts as pragmatic resources as opposed to symbols or symptoms of doubt or even distrust.

We take a moment today to consider what likely lies ahead in regard to prenuptial and postnuptial agreements in New Jersey and across the United States.

Advancing Technology and Expansion of the Digital Economy

Since the dawn of the 21^st century, the digital age has introduced entirely new categories of assets which can end up being at issue in a New Jersey divorce proceeding. These include such things as cryptocurrency wallets and NFTs to social media accounts (which can have monetary value) and online businesses. Moving forward, prenups and postnups will need to be certain to take into account these types of digital assets and other similar holdings – in the same manner as property like real estate or retirement accounts. Courts are already facing heated disputes in divorce proceedings over such matters like digital intellectual property and even monetized personal brands. As more and more people create and  build wealth in the digital space, marital agreements will expand to define how digital assets are valued, divided, or protected in the event of the end of a marriage.

Demographic Shifts and Later-in-Life Marriages

Another trend influencing the future of prenup and postnup agreements is the consistent rise of later-in-life marriages and remarriages (and gray divorces). A steadily increasing number of people make the decision to enter marriage after they took the time to establish careers, accumulate wealth, and so forth. For people in such a position prenuptial agreements are important considerations. The bottom line is that as the US population ages, it is likely that an ever increasing number of individuals will turn to these types of marital agreements.

Evolving Gender Dynamics Coupled With the Demand for Economic Equality

Over a long course of time, prenups were seen as a method for males with substantial wealth to protect themselves in the event a marriage failed. The 21^st century reality is that, gender roles and earning patterns are becoming more balanced between the genders. In this century, women are becoming primary breadwinners with increasing regularity. Similarly, the more frequently are becoming business owners as well as high-net-worth individuals. These evolving gender dynamics have already begun to the prenup and postnup landscape. For example, more women request and have drafted prenups and postnups. This evolving reality has made marital contracts more gender-neutral, both in tone and design. This reflects the reality that financial security and responsibility are shared equally across genders.

Legal Innovation and Uniform Standards

Overall, family law is established on a state-by-state basis. Therefore, what is the law in the Garden State will vary in some instances in other states. In the future, there may be a movement toward greater uniformity when it comes to marital agreements. This might include an expanded adoption of what is known as the Uniform Premarital and Marital Agreements Act (UPMAA).

Cultural Normalization and Emotional Transparency

Finally, another reality we see in the 21^st century’s that younger generations are more open about discussing money and financial matters. This openness does see, to extend to marriage planning. At this juncture in time, prenups and postnups are being reframed as “marriage contracts” or “marital contracts” (which we have done in this article here and there). As alluded to previously, far from being seen as a pessimistic preparation for divorce, prenuptial and postnuptial agreements may evolve into a standard component of planning before taking vows. In this sense, the future or prenuptial and postnuptial agreements lies not simply in protecting wealth but in promoting healthier communication between partners before and after marriage. If you have any questions concerning prenuptial agreement in New Jersey, call the Law Offices of Peter Van Aulen at (201) 845-7400 for a free initial consultation.