When preparing to walk down the aisle, you and your soon-to-be spouse are planning for the wedding day, honeymoon and the start of your lives together. You are probably not thinking about what will happen if your marriage ends in divorce at some point in the future, but it could be in your interests to do so. Before you marry, you may benefit from drafting a prenuptial agreement. This marital contract will allow you to have some financial security in case the marriage ends.
It may not seem romantic to think about drafting a prenuptial agreement, but it is a prudent step for many California couples. You don’t have to be wealthy or own valuable assets to benefit from this type of contract. Also remember that taking this step is not planning for the marriage to fail. It simply provides protection or security in case of a contingency in the future.
Benefits of a prenup
With a prenup, you can avoid contention and the potential for litigation over marital property during a divorce. This contract allows you to outline how you and your spouse will divide assets and debt, as well as specify which assets are separate. This can streamline the divorce process, saving you time and money. Other benefits of this type of agreement include:
- It can protect the interests of your children and grandchildren from previous relationships.
- It provides you and your spouse the opportunity to discuss financial expectations and responsibilities during the marriage.
- It can protect you from responsibility for debt accumulated by the other spouse before your marriage.
- It outlines how spousal support will work in case of a divorce.
- It allows you to protect any wealth you will bring with you into the marriage.
As with any type of contract, you should carefully review all terms before agreeing to a prenup. It is possible to negotiate terms and to create a custom-tailored agreement suited to your particular needs and objectives.
Your future starts now
Before you marry, consider what steps you may need to take to protect your financial and legal interests in the future. It may be helpful for you to look carefully at the potential benefits a prenuptial agreement can provide for you and your spouse. These discussions may provide clarity and mutual understanding on financial matters before you marry.