You have probably heard the words “prenuptial agreement,” “premarital agreement,” or the more popular shortened form of the legal term, “prenup.” These words, often carrying a negative connotation, are mentioned often in regards to Hollywood marriages and nuptials between very wealthy couples. But it is a common misconception that prenuptial agreements only benefit the rich and famous.
This legal contract that is signed before entering into marriage is put into place to dictate the distribution of assets should a divorce occur and it can be of great assistance to professionals, property owners, single parents, and more. Our informative California Divorce Guide outlines many of the intricacies of prenuptial agreements in further detail, but let’s first establish a basic overview of how prenuptial agreements can benefit almost anyone.
Who Can Benefit from a Prenuptial Agreement?
One way that prenuptial agreements can be a benefit to professionals is by protecting their wages and earnings. Since California law dictates that everything either spouse acquires after marriage is considered communal property, half of anything that you earn also belongs to your spouse after the date of your marriage. If you do not wish for this to be the case and you would like to protect your earnings, your prenuptial agreement can indicate that your wages and what you earn should be kept separate in case of divorce.
People who want to protect the property they own can also benefit from a prenuptial agreement. If you own a home and you and your spouse decide to reside there after the marriage, the home remains separate property but your spouse will be able to gain interest on that property when any payments are made with communal earnings. If the property is important to you and you would like to continue to capitalize on your investment, your prenuptial agreement can include that you would like to keep that property separate so that no communal interest will be gained on it.
Lastly, a prenuptial agreement can benefit single parents that are reentering the married world by protecting what they can provide for their children if their new marriage were to end in divorce. A clause can be put into place that can keep separate any funds or property that are intended for children from your first marriage. This means any inheritances that have been left to you can be protected for your children. You may also be able to limit the amount of support that you would have to pay to ensure that the children from your first marriage will be able to be aptly provided for after the divorce.
Allow Bohm Wildish to Guide you Through your Prenuptial Agreement
As shown, prenuptial agreements can be very beneficial to any individual who wishes to protect his or her earnings, property, or children’s well-being. If you are considering a prenuptial agreement, call Bohm Wildish at 1-877-615-6620. Let our team of experienced California Attorneys educate and inform you on how to hold on to the things that are the most important to you.