Couples in the process of getting divorced have to deal with a multitude of issues, with financial assets being one of them. The dispute over financial assets, apart from the custody of children, is the main reason why finalizing the end of a marriage takes a long time. Although no one likes the idea of a divorce, a newly-engaged couple should get a prenuptial agreement drawn up before tying the knot.
“Why get a prenuptial agreement, because we are so in love?”
In the United States, at least 50% of marriages end up in divorce. Being optimistic about your impending nuptials is great, but the “if” factor of things not turning out as planned is there. Why not talk with your partner and come to a mutual and logical understanding of why you both should consider signing the prenuptial agreement. Here are reasons why couples should get a prenup:
- Wealthy Partner- if one partner is wealthier than the other one, insisting on a prenup is your right, as marriages can be unpredictable and it will give you the peace of mind that your significant other is not after your money.
- Big Earner- You both work, but you earn more money than your partner. If the marriage collapses, one party would have to pay huge amounts in alimony. Signing a prenup can limit the amount of alimony a partner would have to pay.
- Second Marriage- If you remarry or have kids from your previous marriage, you want to ensure that, after your death, money is distributed evenly amongst all your immediate family members. Getting your partner to sign a prenup provides you with that assurance.
- Huge Debt- If you are being hitched to someone that you know has a huge debt or loan on their shoulders that they haven’t paid, you may want to persuade them to sign a prenuptial agreement. If you marry them without signing a prenup, you would be equal partners in paying the debt.
- Business Owner- If you are an owner of a successful business and you didn’t have your partner sign a prenup, the end of the marriage could mean that your partner could wind up owning a part of your business.
- Not Wealthy- A prenuptial agreement doesn’t just benefit the wealthy partner, but the partner not so well off can also benefit from it. In the instance that the marriage ends, a prenup signed before the marriage can protect the financially weaker partner, as the division of assets and spousal support were pre-determined.
Prenuptial agreement is a valuable piece of document to have before you say, “I do,” to each other. The agreement doesn’t mean that you forecast the doom of your marriage. Instead, it serves as a fair division of assets, if your marriage crumbles.
Couples deciding to walk down the aisle should contact us to get more information on prenuptial agreement laws in California.
Gerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.