A wedding is an exciting event. The bride and groom spend countless hours planning and preparing for this glorious event. Yet, all too often, they spend more time planning for the wedding than they do planning for the marriage. In today’s society, many California engaged couples bring with them significant assets, children from a previous relationship and even a possible interest in an ongoing business. In light of these aspects, the couple will also want to spend time discussing how decisions will be made throughout the marriage, their philosophy regarding spending and budgeting as well as how property division will be addressed in case of death or divorce.
A prenuptial agreement is a useful tool in discussing these important topics prior to the wedding. In addition to providing a starting point for discussing important financial topics, this marriage contract can also protect others who may be affected if a death or divorce occurs. This can be an important step in providing security for all involved.
If one or both of the individuals have children from a previous relationship, they will want to make sure that the children are taken care of if a death or divorce occurs. There may be specific assets or investments that the parent owned prior to the new marriage that he or she wants to make sure will go to these children. The prenuptial agreement can address this issue.
Additionally, if one of both of the individuals own or have ownership interest in a business prior to the marriage, a death or divorce can affect more than just the couple. It can also affect the business and those involved in the business. A prenuptial agreement can be used to establish exactly how this business interest will be handled if a death or divorce occurs.
As the California couple plans for their big day, they also should plan for the days after. A prenuptial agreement can open the door for the necessary communication and property division discussions that need to take place. Each individual will want to consult with an experienced attorney throughout this process.
Source: wtkr.com, “Are prenuptial agreements just for the rich? Tips on how to decide you should have one“, May 24, 2018