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Prenuptial Agreement for Debt Protection

Posted on in Divorce

California family lawyerMost people hear the word “prenup” and automatically assume the worst - that the marriage is destined to fail because one or both of the spouses do not trust each other. However, one of the best reasons to get a prenuptial agreement is not to protect your assets from the other spouse in the case of a divorce, but to protect the other spouse from your mounting debt. To find out more, do not hesitate to reach out to a San Jose prenuptial agreement attorney for answers today.

Debt Is a Growing Problem in America

There are many good reasons to consider a prenuptial contract. For one, it offers peace of mind (for the spouses and their family members) when one spouse is much wealthier than the other. Similarly, if you expect a future inheritance, a prenuptial agreement may be wise. Additionally, it may be a good idea to consider a prenuptial agreement if you are entering a second marriage but want to make sure that your children from your first marriage are left with your property if you pass away. But what about protecting the other spouse from your own financial woes?

Debt is a serious issue for many new marriages. Household debt relative to GDP is at 78 percent, higher than the vast majority of post-World War II history. Total mortgage and non-mortgage debt is increasing in recent years at $8.7 trillion and $12.1 trillion, respectively. Total student loan debt has surpassed all other types of debt totals, including debt from home mortgages, credit cards, and auto loans. And, for households that have one or more of the following types of debt, here are the averages per household:

  • Credit card debt: $16,000;
  • Auto loans: $27,000;
  • Student loans: $48,000; and
  • Mortgages: $169,000.

How Will a Prenuptial Agreement Help?

Debt that the in-debt spouse acquired before marriage will remain their debt. However, California is a community property state, meaning that everything acquired during the marriage, including debt, is marital property. Marriage makes two people “one legal entity,” according to California Courts. If the in-debt spouse has a known problem of going into debt, the debt they may incur during the marriage could become the other spouse’s problem. There are other instances in which a prenuptial agreement to protect against debt may be beneficial, which your lawyer can go over with you.

Contact a Los Gatos Lawyer Today

If you or your partner are struggling to get out from under a mortgage, credit card debt, or student loans, a prenuptial agreement may be right for you. Please contact a skilled Los Gatos prenuptial agreement attorney from Ventresca Law Firm at 408-395-8822. We service clients in the Los Gatos, Sunnyvale, Saratoga, Cupertino, and San Jose areas.






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Los Gatos, CA 95030

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