Divorce creates a unique set of challenges. In most cases, some of the challenges pertain to the various financial aspects of a divorce including property division, child support and alimony. In recent times, people who want to avert issues related to these aspects often sign a prenuptial or postnuptial agreement that details how the aforementioned issues will be addressed in the event of divorce. The laws regulating such agreements in California were discussed in an earlier post.
Nowadays, increasing numbers of people are paying more attention to their careers than to their personal lives, hoping to develop full relationships and perhaps families only after they have achieved some level of financial security. Many of these people often choose to live together first to see if their relationships will work out, perhaps not wanting to be just another statistic noted in the high U.S. divorce rate.
No matter their income or assets, for California residents at different levels of wealth on the verge of marriage, a prenuptial agreement provides a way to make the important financial decisions about money and other priorities in the relationship before marriage. While having a prenup has certain advantages, not all prenuptial agreements are the same. While prenups are supposed to be created under mutual agreement, they may still result in inequitable power split between the spouses.
Marital agreements are generally important for Californians seeking matrimonial bliss. The cost of living, commodities and other expenses in California are higher compared to other states. So, the financial impact felt from the end of marriage can be more significant. California residents are also no stranger to prenuptial agreements. While some Orange County residents may consider this kind of marital contract as unromantic, some residents would not be married without one.
The recent Harold and Sue Ann Hamm divorce settlement, worth nearly $1 billion, is about a lot more than money. Californians can take away one hard lesson from the saga of this high-profile couple, plan ahead. A newly married couple may feel that only bliss awaits them in marriage and that financial matters will sort themselves out, but a prenuptial agreement is a simple way to acknowledge a stark reality, 50 percent of marriages now fail.
Perhaps because the cost of living is higher than in some states, financial agreements before marriage are popular in California. Often, couples recognize that divorce is always a possibility and try to protect themselves in the event their marriages fail. Even so, some people hesitate to get a prenuptial agreement done.
Many California women dream of getting married and raising a family. For some, the idea of raising children and running a household is a dream. For others, the idea may be appealing, but they may be concerned that giving up a career will mean having less economic power that could haunt them later if their marriages end.
People usually make excuses when they are hesitating to do something that might have a good or bad effect on their lives. This procrastination rings true when it comes to considering a prenuptial agreement. California couples should assume a positive mindset about creating a prenuptial agreement because it will help smooth the way to an easier divorce, if one should occur.
Postnuptial agreements and prenuptial agreements have the ultimate power to protect California spouses in the event of a divorce. Drafting a prenup may protect an individual from the financial implications of a divorce, and ensure that that spouse would not be liable for any debt incurred by the other party. However, the protection that prenups can provide would be ineffective if the document is considered invalid.
California residents are used to hearing about celebrities opting to have a prenuptial agreement when they marry. This is why many people seem to believe that a prenup is just for celebrities. That is not actually true, because any marrying individual can enjoy the benefits of having a prenuptial agreement.