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The potential benefits of a prenuptial agreement

On Behalf of | Jul 20, 2020 | Family Law

Prenuptial agreements are generally enforceable in California. While you may be hesitant to sign one, it is often in your best interest to do so. Let’s take a closer look at some of the potential benefits of having one.

You aren’t conceding that the marriage will fail

In the past, signing a prenuptial agreement was akin to accepting that your marriage would fail at some point in the future. Today, they are seen as tools that can help to protect the assets that you have worked hard for prior to getting married. On average, couples are together for almost five years before they decide to take this step. Furthermore, both men and women are getting married at an older age, which means that they are more likely to have a retirement account or other sources of wealth.

Prenuptial agreements also apply to debt balances

If your spouse has student loan or other debts, you could get stuck paying them if a marriage fails. However, a prenuptial agreement may stipulate that the person who accrued the debt is the person who is responsible for paying it down. Furthermore, the process of creating such a contract will ensure that both you and your spouse are fully aware of each other’s financial situation. This can be important as student loan debt has been cited by some as the reason for their divorce.

Protect your future with a prenuptial agreement

The terms of a prenuptial agreement could address what may happen to assets such as a business that hasn’t been created yet. The agreement could also state that neither party to the marriage is entitled to alimony or other financial support if it comes to an end.

A divorce may have a significant emotional and financial impact on your life. Having a prenuptial agreement may help to mitigate some or all of the stress that the end of a marriage may cause. An attorney may review such an agreement to help ensure that its terms are enforceable.

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