Although our practice deals solely with immigration law, many of our clients are also interested in family law services, for the purposes of terminating a marriage or to go through the process of an international adoption. We have the distinct honor of inviting a guest writer for today’s blog post.
Getting married soon? Family law Attorney Zach Wallin will teach you why a prenuptial agreement is not just for celebrities.
TOP 5 REASONS YOU MAY NEED A PRENUPTIAL AGREEMENT
Is it true that only rich people need or should get a prenuptial agreement? Is it true that the prenuptial agreement only benefits the wealthier person in the relationship? If your partner asks you to sign a prenuptial agreement does that mean that he/she does not trust you? The answers to all of these questions are a resounding NO!
A prenuptial agreement is a contract that both parties sign prior to getting married. Its purpose is to outline your rights and settle questions about finances, property division, and inheritance issues if your marriage ends due to death, divorce, or separation. Our firm has identified the top 5 reasons you may want a prenuptial agreement before you get married:
1. This is NOT your first marriage and/or you have children from a former relationship: It is possible you have support obligations, own a home, or have significant assets. If you already have children from a previous marriage or relationship a prenuptial agreement will serve to protect your wishes if and when you pass away. You will be able to decide how your assets are divided and ensure that both your previous family and your new family are taken care of.
2. Either you or your future spouse has significant assets to protect: Most people believe the prenuptial agreement only benefits the wealthier party in the relationship. This is simply not true. A prenuptial agreement does protect the wealthier person’s assets, but it also serves to protect the spouse with fewer assets. If you have fewer assets you can use the prenuptial agreement to ensure you are taken care of financially if the marriage fails.
3. Either you or your future spouse has significant debt: It is very easy and common in marriage for debt to become comingled. This occurs when additional debt is incurred on the account during the marriage or when a spouse’s name is added to an account. A prenuptial agreement can be used to protect yourself from your future spouse’s debt. The agreement will ensure that creditors cannot come after you or your portion of the community estate if your marriage ends.
4. You plan to quit your job to raise children: When you decide to be the stay at home mom or stay at home dad you are agreeing to forfeit income, wealth, certain job opportunities, and career potential. A prenuptial agreement can serve to ensure that both parties equally share the burden of this decision by compensating you for taking on this responsibility.
5. You want to define your rights upfront instead of having the court decide later: You may be the type of person that likes all your t’s crossed and your i’s dotted. In the event of a divorce, a prenuptial agreement allows you to reduce future litigation, attorney fees, and provides added certainty to your future.
Zach Wallin is a family law attorney servicing the Orange, San Diego, Riverside, San Bernardino, and Los Angeles counties. Zach is a graduate of Chapman University School of Law. His practice is focused on divorce litigation, custody battles, spousal and child support, property division, and prenuptial agreements. For more information on his services please contact his firm by visiting The Wallin Family Law Group or reach him directly at 949.294.9475.