Why prenuptial agreement may be necessary in marriage
Protection from the financial impact of divorce is one of the reasons why couples getting married in Orange County, California, opt to draft a prenuptial agreement. Whether it’s a celebrity marrying, a spouse with a thriving business or just an ordinary couple who wants to start a family, a prenuptial agreement may be a great foundation for each party’s financial security.
An expert clarified that a prenuptial agreement is not always about dividing assets upon divorce. She said that the necessity of prenuptial agreement before marriage is not primarily based on each party’s income or properties. The potential benefit of a prenuptial agreement also applies to the financial relationship of two individuals as a couple. For example, this marital contract may discuss major financial obligations or debt. Regardless of income, all couples have debt, ranging from credit card bills to student loans to child support obligations. Using a prenuptial agreement to determine who would pay for what is a good way to avoid further consequences of dealing with marital debt upon divorce. The couple may also talk about how to share household expenses and other bills after the wedding.
Another issue that can be included in the prenuptial agreement is matters associated with children, such as holidays, traditions and religions. Although some divorce legal issues cannot be determined by a prenuptial agreement, if such discussions were found in a legal document, it is possible that the court will consider such agreement when rendering a decision.
Additionally, a prenuptial agreement should be drafted in accordance with state laws. Every state treats a prenuptial agreement differently, but the legal protection it may provide to individuals not only safeguards the person’s assets and wealth but may also make a divorce proceeding go easier, preventing the stress and financial instability that comes with ending a marriage.
Source: Business Insider, “Here’s Why Every Couple Should Get A Prenup Before Marriage,” Libby Kane, Aug. 5, 2014