A premarital agreement – also known as a prenuptial agreement – is a contract the spouses enter into prior to marriage. The premarital agreement has the purpose of predetermining the distribution of property if the marriage ends in a dissolution. Additionally, the prenuptial often stipulates the amount of support that a spouse will receive in the event of a dissolution. Whereas prenuptial agreements used to be for the wealthy, the legal instrument is in wide use among the various income brackets and ages. Prenuptial agreements are particularly important in second, third and subsequent marriages. As the spouses grow in age, family and wealth, these additional concerns must be addressed.
There are particular instances when prenuptial agreements are of particular interest. If a couple marries and moves into the house that one of the spouses purchased prior to the marriage, the prenuptial agreement can specifically stipulate that the house will remain the purchasing spouse’s separate property in the event of a split. Without such an agreement, monies paid into the mortgage by the non-purchaser will be characterized as a community property asset. This means that the non-owner spouse will be able to claim an interest in the house if and when they divorce.
A prenuptial agreement may benefit different people:
While couples enter into marriage with the goal of living a long and happy life together, circumstances –and people-change. Love and commitment does come and go far more frequently than would be anticipated. Premarital agreements can minimize surprise, suffering and financial loss. Prenuptial agreements should be created and read by experienced San Diego County family lawyers.
If you are planning to get married you may consider a formal premarital agreement. This legal instrument can prevent future financial surprise and ruin. A prenuptial agreement can provide inner peace and surety in a world where love and marriage may not. Fortunately or unfortunately, these issues must be addressed in our fast moving, economically oriented society. Yelman & Associates Family Law Attorneys are ready to ask you the right questions and to help you proceed in your premarital agreement. We are caring, compassionate, client-focused family lawyers. We care about our clients; most of our clients are referred to us by present and former clients. For a complimentary phone consultation with a San Diego Family Law Attorney, call (619) 282-1107, or (760) 480-8400.
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