Do I Need a Prenuptial Agreement?
If you read last week’s blog, then you already know that an estimated 40 to 50 percent of marriages in the US end in divorce. Depending on the type of divorce, former spouses may expend significant financial, emotional and legal resources while fighting over property or other assets. But what if these problems could be avoid before a marriage even took place?
A prenuptial agreement (also called a prenup) can be drafted before you and your partner marry. These agreements allow couples to determine how their assets could be affected if divorce occurs.
- Generally, prenuptial agreements set terms for property rights between spouses. Your prenuptial agreement can determine which properties or assets are owned separately. California is a community property state, meaning community properties are divided equally during a divorce if there is no prenuptial agreement.
- Your prenuptial agreement may address ownership rights and arrangement of a life insurance policy.
- Are you a parent with children from a previous marriage? Your prenuptial agreement could address which properties and assets children from a previous marriage would inherit.
- Is your spouse a big spender? A prenuptial agreement could address the separation of certain financial assets and who is responsible for specific bills.
- A prenuptial agreement could address the amount of and duration of spousal support upon separation.
Many people erroneously assume that prenuptial agreements are a pessimistic way to begin a marriage. Think of a prenuptial agreement as a contract that could grant you and your spouse peace of mind. However, there are emotional and financial factors to consider before deciding whether a prenuptial agreement is the right choice for you and your spouse. There are also certain requirements for prenuptial agreements in California that must be met.
Want a Prenuptial Agreement?
The San Jose family law lawyers at the Law Office of Daniel Jensen, P.C. could answer questions you may have about prenuptial agreements. If you and your finance are considering a prenuptial agreement, our attorneys could help draft an agreement that is beneficial to your marriage.