Prenuptial agreements once had something of a bad rap among marriage advice columnists and bloggers, but they've seen a dramatic uptick in popularity. Today, people are more likely than ever to get a prenup before marriage - and for good reason.
If you need help drafting a prenup for your union, contact us online or via phone at (415) 650-1112.
Protect Your Property in the Event of a Divorce
Perhaps the most well-known reason to acquire a prenup is to protect your property in the event of a divorce.
While it may be uncomfortable to think about splitting assets and liabilities with your fiancé/e if you part ways, discussing the possibility of a divorce can help both parties reaffirm their desire to marry and give each the peace of mind that monetary gain plays no role in the quality of the relationship.
Additionally, you can utilize a prenup to protect family heirlooms and determine what property counts as marital assets. That's important because if you ever do file for divorce and don't have a prenup, you'll need to split marital assets in accordance with community property law, meaning they'll be divided equally among parties. Identifying certain assets or liabilities as separate property can help spouses protect each other from risky investments and ensure separate property remains separate.
Learn More About Your Spouse's Finances
As part of drafting a prenup, both parties must disclose their current financial status and property holdings to each other. If one party has been hiding debt, this is an invaluable time for both individuals to get on the same track concerning spending habits and financial priorities.
This knowledge can also help both parties hold each other accountable and ensure they don't run into financial trouble later down the line.
Cultivate a Stronger Union
Ultimately, developing a prenup with a partner is an exercise in trust as much as anything else. Many couples find that confronting the reality of a potential divorce and discussing tough subjects such as finances with one another ultimately brings them closer together.
At Fenchel Family Law, we'll help you develop a prenup that suits your needs. To schedule a consultation with our team, contact us online or via phone at (415) 650-1112.