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Benefits of a Prenuptial Agreement

Posted on in Property Division

CA divorce lawyerCouples who are planning to get married are not likely to be thinking about divorce. However, taking the time to consider how certain matters will be handled if their relationship ever ends can save them a great deal of difficulty in the future. By creating a prenuptial agreement, a couple can make decisions about issues such as the division of property or spousal support, ensuring that their rights and financial security will be protected, no matter what happens in the years to come. Here are some benefits that a prenuptial agreement can provide:

Protecting assets - California is a community property state, which means that property owned by married spouses must be divided equally during divorce. A prenuptial agreement can specify each spouse’s ownership rights to any property owned by a spouse prior to getting married or acquired by married spouses. This can be especially helpful when one or both spouses own business interests since an agreement can determine how business ownership will be handled and ensure that the business can remain operational after divorce.

Assigning responsibility for debts - If either spouse has significant debt, a prenuptial agreement can make decisions about who will be responsible for this debt after divorce. It may also specify how the spouses’ incomes will be allocated to pay for debt during their marriage.

Post-divorce support - Following separation or divorce, a spouse who earns a higher income may be legally required to pay spousal support (alimony) to the other spouse. A prenuptial agreement can make decisions about spouses’ alimony rights or the amount or duration of spousal support payments. An agreement can provide a lower-earning spouse with financial security, or it may be used to protect a spouse who owns significant assets.

Providing for children - Spouses who are the parents of children from a previous marriage or relationship will want to ensure that their children have the financial resources to meet their needs, no matter what happens in the future. A prenuptial agreement can protect certain assets and allocate them to children in the case of separation or divorce. An agreement can also define the inheritance rights of children in the case of a spouse’s death.

Reputation protection - In our modern, connected society, spouses may be worried about protecting their reputation as a business owner or public figure, or they may simply want to avoid having personal information shared online where their friends and family can see it. For this reason, they may decide to include a gag order, goodwill clause, or social media clause in their prenuptial agreement. These types of clauses prohibit spouses from making disparaging public statements about each other or sharing certain information about each other online.

Contact a Los Gatos Family Law Attorney

If you want to know more about how a prenup can protect you if you should ever decide to get divorced, contact a Los Gatos prenuptial agreements lawyer. At the Law Offices of Benita Ventresca, we can help you understand your rights and work with you and your spouse to negotiate an agreement that is valid and enforceable under California law. To schedule a free consultation, call our office at 408-395-8822.

 

Sources:

https://www.huffingtonpost.com/kyung-kathryn-dickerson/5-reasons-for-a-prenupeve_b_10636902.html

http://www.divorcemag.com/articles/4-reasons-to-consider-a-prenuptial-agreement

http://time.com/money/4801340/prenups-what-to-include/

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