One of the first steps any newly engaged couple should take is to create a prenuptial agreement. Not only can it help start the marriage on a positive note, but it can also ensure each party is able to establish how they would like their assets and possible support payments handled.
There are many benefits to a prenuptial agreement, but the 4 most common are:
Guarantees a Fair Distribution of Assets
When spouses from different wage brackets marry, the wealthier spouse risks losing some (or a lot) of their wealth in a divorce where all finances and assets are split equally. To protect their personal belongings and what they earn, spouses can create a prenuptial agreement outlining how their assets will be divided in the event of divorce.
Protects Against Paying Your Spouse’s Debts
If either party enters the marriage with debts, paying off these debts becomes the responsibility of both partners. A prenuptial agreement can specify which debts go to which spouse to avoid debt repayment issues in the event of divorce.
If either party has children, it’s important to define which assets will go to the children. This action will ensure the children are awarded certain funds or special family heirlooms as intended prior to the marriage.
Quickens the Divorce Process
A prenuptial agreement can help execute the divorce process faster. This is because the important factors of divorce (asset division, child support, and spousal support) have already been addressed and do not need to be mediated or decided upon in court.
Helping Construct Reliable Prenups
At Aharonov & Revy Family Law, our prenuptial agreements attorneys can guide our clients toward creating legally sound agreements. We are knowledgeable on all aspects of divorce and will help ensure our clients; rights are protected with creating or enforcing a prenuptial agreement.
Call our firm today at (818) 960-1330 or contact us online for a consultation.