Money woes are a common cause of divorce. For this reason, many seek divorce in hopes of securing some sort of financial freedom. Yet, when those individuals who are facing financial difficulties go to dissolve their marriage, they find themselves facing battles of money and property. This can be a long, drawn-out, and ugly process that many people wish they could have avoided. The good news for those who are considering marriage is that they can avoid this potentiality by entering into a prenuptial agreement.
As younger generations grow older, the way marriage is defined changes. While same-sex marriage is now legal, even what was once considered "traditional" marriage has evolved over time. For example, in the vast majority of cases it used to be that a man worked outside of the home to earn an income while the wife stayed at home to take care of children and take care of other matters at home. In this instances, it wasn't uncommon for marital agreements to be entered into as a way for the parties to protect their financial interests. However, these situations carried an imbalance of financial power, which made prenuptial agreement negotiations challenging.
Before tying the knot, Californians have a variety of matters that they need to carefully consider. Amongst these is the possibility of entering into a prenuptial agreement. These arrangements, entered into by parties on the verge of marriage, dictate how critical legal issues will be resolved in the event of a divorce. This most often applies to property division, but it can also address alimony. Although discussing a prenuptial agreement with a soon-to-be-spouse may be challenging, such an agreement can serve as a protective measure that allows couples to put their financial fears to the side, thereby allowing them to focus on their relationship.
Californians who are considering marriage usually have a lot on their mind. They may worry about the marriage ceremony itself, the coming together of two families, or even the expectation of a baby. However, another major and common concern amongst these individuals is money. Whether solidly middle class or wealthy, parties to a pending marriage may be concerned about what will happen to the wealth they have accumulated in the event that the relationship doesn't work out.
On this blog we have discussed the importance of prenuptial agreements. This agreement is essentially a contract between two individuals entered into before marriage that spells out how their finances will be handled in the event of divorce. While it primarily deals with property division, it can address other issues from alimony to social media accounts. It's an agreement that really allows parties to get creative to find a way to alleviate financial tensions, thereby allowing the couple to focus on their relationship.
As we have discussed previously on this blog, deciding to get married is much more than an emotional decision, as it can also have significant financial ramifications. In essence, those who choose to get married are choosing to split all property and put themselves in a position where they may have to pay child support and/or alimony. Of course, many, but not all, of these issues can be settled well beforehand, even prior to the marriage actually occurring. The best way to do this is to enter into a prenuptial agreement.
Regardless of how one felt about him, Hugh Hefner was a cultural icon who revolutionized the way our society thinks about sex and entertainment. Many people, if not most, thought of Hefner as an aging man who surrounded himself with young, beautiful women at his Playboy mansion. Because of this, many doubted the sincerity of his relationships, which seemed to always involve women decades younger than him, and instead left them feeling that the women in Hefner's life were simply there for the fame and fortune.
Marriage is, of course, about love, friendship, and companionship. But it is also about finances. When couples decide to tie the knot, they oftentimes intertwine their assets and liabilities, which can significantly complicate matters should the relationship sour. Property division and alimony disputes can leave couples in bitter fights that can go from their home to the negotiating table and into court.
Young, soon-to-be wed couples in California naturally picture themselves as happily married for the rest of their lives. Especially if they do not have much in the way of assets, they may think prenuptial agreements are only for older, more well-to-do people entering a second marriage. However, even young couples marrying for the first time can benefit from a prenup.
Indeed, more couples are waiting longer to tie the knot. And when they do, they tend to consider prenuptial agreements that include a variety of clauses unheard of in the past. With today’s post, we will highlight the trend of social media prenuptial agreements.