As you are preparing for your wedding, you are likely looking forward to a day of joy and celebration, perhaps followed by a wonderful honeymoon. During this time, you are likely not thinking of what could happen if your marriage ends at some point in the future. While you are not getting married with the intention of getting divorced in the months or years ahead, it may be beneficial to prepare for this contingency. You can do this by drafting a prenuptial agreement.
A prenuptial agreement is a legal contract that outlines how you and your spouse will divide marital property in the event the marriage ends at some point in the future. Many California couples assume this is something only important for the rich and famous, but that is not the case. Prenuptial agreements provide benefits for most couples who are about to marry, even if they do not have exceptionally valuable assets or a high income.
The details of your contract
As a prenup is a binding legal agreement, the terms of the contract matter. You will benefit from including terms that are thoughtful, specific to your situation and legally enforceable. These contracts are custom-tailored to your goals, concerns and factors that are unique to your marriage. While prenuptial agreements are unique to each couple, most prenups accomplish the following:
- You can plan for how the two parties will divide marital assets in the event of a divorce.
- Each spouse can specify which assets are separate, eliminating the need for contention and confusion.
- It allows a couple to outline the financial responsibilities of each spouse over the course of the marriage.
- You can also determine which spouse will pay support, if any, as well as the duration of payments and other details.
While no couple enters marriage planning for it to end at some point in the future, there are benefits to preparing for the possibility. Your prenuptial agreement can provide you with confidence regarding your long-term interests.
An agreement specific to you
Each prenuptial agreement is different. You may benefit from speaking with an experienced professional regarding which terms should be in your contract and how you can secure a prenup that will provide you with confidence and security for years to come. An assessment of your income, projected future income, possible inheritances and other details can provide insight regarding the best way forward.