Many people enter a marriage with a significant amount of assets, some of which go unconsidered before and even after the unity becomes legal. As a result, married individuals may become concerned about financial implications should the marriage not work out. Well-constructed prenuptial and postnuptial agreements can help protect the assets you have obtained and will obtain throughout the marriage.
While you likely do not intend to divorce, there are issues that can arise during the marriage that complicate property ownership and designation. For example, property that you may believe to be separate from your marriage could, in fact, fall under marital status. So, if a divorce does take place, you may lose property or partial property that you thought was safe from division.
Other common topics addressed in a prenuptial agreement include:
- Debt allocation
- Asset distribution
- Estate plan obligations
- Spousal support and maintenance specifics
If you are heading into a marriage, the right agreement can provide a solid foundation and peace of mind as you move forward.
When issues arise during your marriage
Some married couples do not have a handle on their finances until they have been together for a while. And some may not realize the impact high-asset property can have on their future. It is not uncommon for couples to forego drafting agreements prior to marriage and then change their mind later in life. A postnuptial agreement can protect your assets and plans in just the same way that a prenuptial agreement can.
Pre- and postnuptial agreements can have long-term impacts on your life. You will want to make sure the agreement you develop is thorough. You may also want to know how California law affects it. Spend some time with your attorney and go over all financial and property-related matters that concern you.