Santa Clarita prenuptial agreement lawyers

Posted By Aaron Denton, On August 25, 2020
Why a prenuptial agreement is important
It’s easy to imagine that you are entering into a lifetime of blissful marital life when you are engaged. However, the truth is that our current culture does not allow us to ride on the catchphrase “till death do us apart “blindly.

Getting into some crucial facts is that marriage is both beautiful and challenging. Statics show that about 20% of marriages do not last more than five years, and about 20% do not go beyond ten years. Therefore, you need to have a clear and level headed discussion and consider all possibilities when you both want the best for each other. Though no one wants to get into a marriage with the worst expectations, it’s important to understand that even the most loving couples can hit bumps, tearing them apart in a blink of an eye.

There are so many contradictory ideas and misconceptions surrounding the prenuptial agreement, but it’s important to note that these agreements equip both parties with powers that protect them before marriage.

What is a prenuptial agreement?

A prenuptial agreement is a contract that entered into before marriage. A prenuptial agreement can hold a variety of content, but the most common issue is spousal support and asset division in divorce. Most people shrug prenups off, citing them as a problem for the rich and famous, but that can’t be further from the truth. The fact is that everyone has something they hold dear and, as such worth protecting. Prenuptial agreements help determine what happens to your assets, future earnings, inheritance, and even debts if your marital life gets muddy.

Why is a prenuptial agreement important?

Though prenuptial agreement addresses financial issues that are not its sole purpose, it’s much more than just money. It addresses essential topics such as the responsibility of individuals in a marriage, the provision of children from past relationships, and who keeps family heirlooms. Below we look at why you need to get your pen before you put on your wedding attire.

Your partner has incurred a considerable debt

One spouse can bring in a lot of debt into marriage these days. You may find that the other spouse was not aware of the said debts until they were already married. To avoid such a situation, this becomes a crucial topic to discuss before saying” I do” unless, of course, you wish to inherit your ex-spouses’ debt. A prenuptial agreement helps limit the liability of the non-debtor, thus preventing creditors from knocking on your doors in the event of a divorce.

Protecting your assets

A prenup is a grey area that can help protect you from laws on property division and spousal support. The agreement can help provide a method for allocating marital and non-marital assets in case of a divorce. Divorce lawyers claim that the distribution of assets is easier with a valid prenup.

Ensure the financial security of both of you

A prenuptial agreement can help create a sense of financial security, especially when one spouse is far wealthier than the other. The more affluent spouse can use the prenup to protect their assets and limit the amount of spousal support in case of a divorce. On the other hand, the less wealthy spouse can get a promise of financial assistance if the marriage comes to an end. The result for both parties should be reasonable and should cater to their specific needs.

To protect your business

Who wants a vindictive ex interfering with their business? Business owners may find a prenup very necessary because, without one, the non-owner spouse could end you up with a significant claim on the company.

Pass property to children from previous relationships

A couple with children from past relationships may use a prenuptial agreement to pass property to their children. This way, they can provide separate property for the kids while still leaving something behind for their significant other. Without such an agreement, a surviving spouse may end up with the largest portion of the spouse’s property.

Avoid unnecessary arguments

Divorces are usually full of drama and argument. n Specifying on property division can help reduce such disputes.

What does a prenup do?

A valid prenuptial agreement helps lay down the rules a court will follow to address each spouse’s interests if they end up divorcing or if one spouse dies. Without this agreement, a court follows the equitable distribution principle.

Conclusion

These are just some of the reasons why you should take your time to create a prenuptial agreement. Once you have done this, you can go ahead and enjoy your marriage, knowing that you have taken the necessary steps to safeguard your future and that of your spouse in the event of a divorce. You can contact a qualified prenuptial agreement lawyer to get started.

Reference
https://www.moneysense.ca/columns/why-a-prenuptial-agreement-is-a-good-idea/