While prenuptial agreements are often associated with rich celebrities and wealthy entrepreneurs, they are not just for the rich and famous.
Any couple who has children from a previous relationship or significant personal or business assets should consider a prenup, especially since California is a community property state.
In community property states, generally assets acquired (with the exception of gifts or inheritances) during the marriage are considered "marital property," and subject to a 50/50 split upon divorce.
With that in mind, prenups are important because they preserve a couple's expectations during the marriage, and they prevent surprises in the event of a divorce. Are prenups ironclad? In reality, an overwhelming majority of prenuptial agreements are enforced by the courts.
What a prenup can do:
- The waiving of spousal support or death benefits.
- Protect children from a prior marriage.
- Specify that future income from an asset or business not be shared with a spouse if the marriage were to dissolve.
- Set a limit on spousal support.
You can practically do anything you want with a prenup, however, you cannot limit child support, and you cannot limit child custody and visitation.
Prenups are the Best for These People
Often, prenups are viewed as unromantic or they have a bad connotation, but they are particularly beneficial for people who have been divorced before, and have children and significant assets, and want to ensure that their family is protected if something were to happen.
In all honesty, people who have been divorced once are especially aware of how important it is to protect their assets and children the second time around.
Would you like to learn more about the benefits of having a prenup? Contact Cleary & Green, LLP to arrange a consultation with a Los Angeles family lawyer!