It`s no surprise that a soon-to-be-married couple thinks that exploring a prenuptial agreement would be detrimental to their relationship. “They`re basically negotiating what`s going to happen in the event of a divorce,” says Sandy K. Roxas, Esq., a litigator and family law mediator in Torrance, California. But it seems that the opposite could be the case. “The divorce rate in California is over 50 percent, but in my sixteen years of practice, only 5 percent of my premarital contract clients have returned to file for divorce or legal separation,” Roxas says. If you or your partner answered yes to one or more of these questions, a prenuptial agreement may be in your best interest. Consult a lawyer if you are unsure of the benefits of a prenup and want to know how it can still be used to protect your current or future assets. A prenup, commonly known as a prenup, is a written contract that you and your spouse enter into before you legally marry. It describes exactly what happens to finances and assets during your marriage and, of course, in the event of a divorce. If you want your consent to be enforced by the court, you will be grateful that it makes sense from the start. By providing an appropriate support structure for your spouse in the prenuptial agreement (even if it is less than the law may have provided), your agreement sets out the limits, terms, amount, and duration of assistance in the event of divorce. If you leave that to a court, you have little or no control over either of the conditions.
A prenup, also known as a prenup, is a written contract in which a engaged couple sets out their rights and obligations with respect to prenupial and matrimonial property and debts, and what would happen if their marriage ended in divorce or death. For example, your partner may insist that if they stay at home and raise the children, your prenuptial agreement will include provisions to compensate them for this career break through spousal support. “If a party plans to be a stay-at-home parent, a prenuptial agreement can give peace of mind that that spouse will be treated fairly in the event of divorce.” A parent who stays at home gives up work or career advancement to raise a child, which puts them at a disadvantage in the workplace if the marriage later fails,” Brenner says. “Couples often choose to compensate for this if they can afford it by providing a sufficient stream of income and/or property to guarantee the housewife a comfortable lifestyle or income after the end of the child-rearing years, when the marriage ends in divorce.” While there are good legal or financial reasons for a prenuptial agreement, it`s not the most romantic thing you can do during your engagement. But not getting a prenup when you`re justified can prepare you for disaster. Make sure you make the right choice by meeting with a family law lawyer in your area. Marriage contracts often come into play when there is a difference in assets between the two parties. “A person who marries in money can have a significantly improved lifestyle that can create rights to spousal support and division of property on the street without a prenuptial agreement,” Lindsey says. “Some believe that a prenuptial agreement ensures that the parties do not marry for money.” A 2019 Love & Money survey by TD Bank found that 27% of millennials currently keep a financial secret from their partner, which represents significant credit card debt.
“Debts before marriage are usually paid by the person who contracted them. However, debts incurred during marriage can often be transferred to both spouses, which puts the non-debtor spouse at a disadvantage,” Brenner explains. If one party is used to spending money and the other party doesn`t want to be responsible for debts incurred during the marriage, a prenuptial agreement can help prevent that from happening, Roxas adds. This can range from $1,500 to $10,000, plus more if the property is incredibly complicated. “A simple agreement can be designed for a lump sum,” says Alyease Jones, Esq., a family law attorney based in Chicago, Illinois. “But for more complicated cases, lawyers usually charge their hourly rate.” The reality is that a prenup is just as valuable for creating transparency and setting expectations for a successful marriage as it is for protecting you in the event of a marriage breakdown. Money and wealth are a common central issue when it comes to post-marriage conflicts. A prenup takes into account changes that you cannot predict or predict. It facilitates important discussions and ensures that your finances are managed the way you want during and after the wedding. .