The idea of a prenuptial agreement is not as scary for many people these days as it once was. You might see it as a practical and informative tool, more than a potentially unromantic gesture. Prenups can be beneficial for both parties in several ways and do not have to be devoid of romance. Protecting both of your personal or business assets can even bring you closer together.
However, you probably still have questions about prenups and how to bring it up to your spouse-to-be. Before you marry, consider the ways having a prenup can benefit both of you.
1. Protection from debts
If you, your spouse or both of you are bringing debts into the marriage, you should consider a prenup. Without an agreement, there is a chance of creditors claiming debt as community property. Saying “I do” should not mean you have to say “I owe.” A prenup can limit your responsibility for the debt of your spouse.
2. Keep assets separate
California has laws that designate certain assets accumulated during your marriage as community property, even if they are held in just your name. If you divorce or one of you dies, the courts will distribute this community property. You can sign a prenup to avoid having divided some or all of your individual belongings.
3. Clarify marital responsibilities
When you get married, you will have a host of duties to deal with, and most of them will be financial. A prenup can help you choose whether to file joint or separate tax returns, who will pay for bills or whether you should have any joint bank accounts.
Having a prenup does not have to be a scary or stingy affair. If done correctly, these arrangements benefit and protect both spouses and help the marriage instead of hindering it. If you have more questions about prenups, contact a family law attorney.