Statistics show that New Jersey has consistently had one of the lowest divorce rates in the entire U.S., a phenomenon that many researchers attribute to our state’s high percentage of people who hold college or advanced degrees — close to 36 percent — and a high median household income.
The operative theory regarding the first point is that when people pursue an education, they also delay marriage, meaning they are more emotionally mature when they finally decide to walk down the aisle. As far as the second point is concerned, the thought is that when people are in good shape financially, they are simply less likely to argue.
While the Garden State has a low divorce rate, data from the U.S. Census Bureau shows that it also has the lowest remarriage rate in the nation with a mere 16 percent of women and 17 percent of men deciding to retie the knot between 2008 and 2012.
As interesting as these figures are, it’s nevertheless important to understand that an older person who has decided to enter into a second or third marriage may want to consider taking certain steps before making anything official.
For instance, they may want to consider executing a prenuptial agreement, which as we’ve explained before, is essentially a legally binding contract establishing clear instructions about issues like property division and, of course, alimony.
Why is a prenuptial agreement so vital for older people in these scenarios?
For starters, they’re likely entering the marriage with significantly more assets, meaning they have more to lose in the event of a divorce. Perhaps more importantly, they may want to make sure that the entirety of these assets go to their children from a prior marriage in the event of their demise.
As you can see, these are not just important but complex considerations. If you would like to learn more or have other questions about high-asset divorce, please visit our website.