Advantages of Getting A Prenuptial Agreement in California

Once of the leading reasons people get into divorce is because of the monetary windfall the less privileged spouse can get from his/her wealthy counterpart. However, there have been legal methods developed to make sure financial benefits are not a motivator for divorce. One such act is the introduction of a prenuptial, also known as a pre-marital agreement, between the spouses at a sufficient time well before the wedding date.

What is a Prenuptial (Premarital) Agreement?

A pre-nuptial agreement is an agreement that the spouses have prepared weeks or months before the wedding. Simply put, this agreement outlines the number of assets or the percentage that either of the spouses will be entitled to in case of divorce. Such agreements tend to allow the wealthier spouses to keep hold of much of their estate, instead of having to share considerable chunks of it with their spouses.

Advantages of Prenuptial Agreements

Over the years, with the number of wealthy people increasing, the use of prenuptial agreements has become more of a norm rather than an exception. Here is a list of a few advantages of getting into a prenuptial agreement.

·         A Prenuptial Agreement Can Protect Financial Stability

This is the primary reason most people want a pre nuptial agreement in the first place. In cases of divorce that are run and tried for in the Orange County family law courts, the law wants the assets owned by either of the spouse to be shared among both the spouses. This would be a disadvantage to you if you’re the party with the larger number of assets. Once you get into a pre-nuptial agreement though, you are better able to protect your assets.

·         Reduces Unnecessary Conflict

When it comes to divorce cases, there are large number of conflicts that can develop between the spouses owing to monetary disagreements and problems with asset distribution. This not only will stretch the divorce case further, but is also likely to have an adverse affect on the children that are part of the marriage.

When spouses get into a pre nuptial agreement, they are already deciding on the percentage of asset distribution and what each spouses will be entitled to after divorce. Once a prenuptial agreement has been signed, both the spouses will be aware of their worth and the assets that they will have a control over if the relationship ends. Knowing this would not only deter the divorces done to gain ample money for them but also help in little asset distribution conflicts among spouses in family law courts.

To learn more about the divorce process in California and how mediation can help, please visit our page, “What is Divorce Mediation.”

Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.

Prenuptial Agreements Can Assist in Property Division in a Divorce

One of the most difficult issues to deal with in any divorce proceeding is the division of martial property. Typically the biggest question is what is to happen with the house, a question that may trigger sparring matches between the divorcing couple.

Further complicating a sale may be the presence of a third party in the marriage break-up, which destroys what trust the divorcing couple may have had. The spouse who was cheated on may wish to make things difficult for the cheater. They may make it harder to show the property or withhold disclosure on any issues the house may have – such as structural or water issues. Even if a spouse has children and they want to retain the home, they may not be able to afford to maintain it.

Another point of contention may be overpricing the home in order to attain financial security and thus delaying a potential sale until the price of the property has been adjusted downwards.

In California, if the house is owned jointly, both signatures are required to sell the home. However, only one spouse needs to sign a listing agreement to put the house on the market. In a number of cases, the individual wanting a divorce wishes to get the property listed for sale quickly, to move on with their life or even buy another, smaller home. The person who did not want the divorce may be conflicted about selling, wishing to keep the home for the sake of any children involved. With two different points-of-view in play, things can get difficult and make it harder to get any offer accepted.

Couples with an existing prenuptial are likely to have an easier time with property division and the sale of the home, as most include instructions on how property is to be allocated, should the marriage dissolve. Nonetheless, one partner or the other may not wish to honor such an agreement because they are angry. In such cases, even a valid prenuptial may end up being challenged. However, if it is a solid document, the issue may be resolved according to the fact of the case.

To learn more about the divorce process in California and how mediation can help, please visit our page, “What is Divorce Mediation.”

Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.