Same-Sex Marriage Changing Property Rights

As marriage equality spreads across the country the resulting changes in states' laws have been vast and issues regarding property rights and mortgage processes are among the changes that are taking place. Now that same-sex marriages are being recognized and codified into the laws of the individual states, policies and regulations that were initially only relevant for heterosexual couples, such as laws regarding property rights and benefits, are being made available to same-sex couples who are legally married. With regard to property rights and mortgages, before gay and lesbian marriages were recognized in a state that has accepted marriage equality, homosexual couples had to file as co-borrowers on separate applications and then submit the applications at the same time. With the changes that have been occurring, in states that recognize same-sex marriages, couples can file a joint mortgage application and all of their income, liabilities, expenses, and assets will be submitted on one application for their household. This manner of filing jointly may very well affect the status of their mortgage application and these gay and lesbian couples can now feel more assured that they are receiving the same treatment and protections that previously was only available to heterosexual couples. In addition, in the unfortunate situation where any homosexual married couple may decide to end their marriage through divorce, any and all of the real and/or personal property that they accumulate during their marriage will be considered marital assets that will be subject to equitable distribution just as it would for a heterosexual married couple who filed for a divorce. No longer do the courts need to consider issues like the 2007 case of Richard Gruber v. Scott Rixford wherein the NJ Superior Court in Passaic County and later the NJ Appellate Division reviewed substantial evidence relating to the financial contributions of the two men toward their shared residence over the course of their 10 year relationship. In fact, many LGBT couples who never had to consider the issue are now seeking pre-nuptial agreements to protect pre-marital assets, children from prior marriages or disparate earning capacities. If you are an LGBT couple and have questions concerning the property rights involved with same-sex marriage or divorce it is imperative that you seek out the advice of an experienced attorney before proceeding. For more information about same-sex marriage, same-sex divorce, dissolution, alimony, equitable distribution or other family law matters in New Jersey visit HeatherDarlingLawyer.com. This blog is for informational purposes and in no way intended to replace the advice of an attorney.

Pre-Marital Agreements Require More Consideration in New Jersey

Pre-nuptial agreements are becoming more and more popular in New Jersey, but these pre-marital agreements now require more consideration than before. Recently, the New Jersey Uniform Premarital and Pre-Civil Union Agreement Act was revised in such a way that makes it harder than before to break that agreement even with changed circumstances. A pre-marital or pre-civil union agreement acts as a contract between two people to determine the distribution of property and assets in the event that the union dissolves. When these agreements are being established and executed, parties usually do not consider that the dissolution of their relationship is a realistic possibility and draft the agreement on emotions rather than on practicality. Parties may fail to consider situations that may require an agreement to revised after it has been executed - such as a serious illness, disability, or the inability to work. These situations may leave one party in a greater need of support than the other. Recently, Governor Chris Christie signed amendments to the law that make it more difficult for a party to revise a pre-nuptial or pre-civil union agreement. The new amendments to the law specify that a New Jersey court can only alter or revise an agreement if the party wishing to revise the agreement can prove that it was unconscionable at the time it was executed. For instance, such an agreement would be considered unconscionable if a party entered into the agreement without full knowledge of the other parties' property, assets, or debts and without voluntarily waiving his or her rights to such knowledge. A court would be likely to modify an agreement that was signed under these circumstances. On the other hand, New Jersey courts will no longer void or modify agreements based on happenstance or changed circumstances that occur after the agreements have been executed. Ultimately, for a pre-nuptial or pre-civil union agreement to remain effective certain factors must be successfully satisfied. The agreements must be willingly and voluntarily executed by the parties and must be memorialized in writing. Next, all parties to the agreement must disclose all of his or her fiduciary liabilities and assets in order to ensure that the agreement is not unconscionable at execution. Then, the parties must have the execution of the agreement notarized. Since pre-nuptial and pre-civil union agreements are becoming more popular as family dynamics and family constitutions are changing in the Garden State, any person who may be considering instituting such an agreement before they get married or enter into a civil union must educate themselves on the changing legal status of such agreements and how the validity of such agreements may or may not be challenged after execution. If you are considering entering into a marriage or civil union and wish to protect children of a first marriage, there is great disparity in the income or new worth between you and your intended, you should consult with an experienced family law attorney to learn your rights and liabilities in the event things do not last. For more information regarding Pre-nuptial, Pre Civil Union agreements, alimony, equitable distribution or other family law matters in New Jersey visit HeatherDarlingLawyer.com. This blog is for informational purposes and in no way intended to replace the advice of an attorney.

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.