There are a number of benefits to prenuptial agreements that make them attractive to those heading towards marriage: the ability to have a level of financial certainty for both parties after a marriage; the ability to avoid having marital and financial issues being brought into the public forum of a courtroom (and ensuing court records); and the ability to create personalized, mutually beneficial solutions at a time when the two parties are willing and motivated to work together. But what are some common scenarios in which prenuptial agreements are frequently sought out?
Have Children From a First Marriage
A prenuptial agreement can be obtained before a first marriage or any subsequent marriage, but, traditionally they have been somewhat more common in subsequent marriages. One reason is that, where spouses have children from previous marriages, they want to take steps to help preserve wealth for their children, rather than have those assets directed elsewhere by means of state laws relating to estate distribution after a death and/or unintended divorce consequences.
Have Gone Through a Bad Divorce Experience
In a divorce, there are four primary parties: each spouse and each of their attorneys. Even if three of those parties are reasonable and committed to seeking mutually beneficial and positive outcomes, all it takes is one of them to see the process as a way to enrich themselves by making life miserable for the others through a prolonged, contested divorce action.
When a bad divorce experience happens, it is not uncommon for a person burned by the process to not want to enter into marriage again without some assurances that he or she will not be put be exposed to the uncertainty and other negative aspects of contested divorce again. With a valid prenuptial agreement that addresses all issues, such negative aspects of divorce can be avoided.
One Spouse Has an Abundance of Assets
Whether an individual has come into wealth as a result of their efforts or through a large inheritance, it can sometimes be difficult to navigate potential marriage partners as the question of whether a potential spouse is interested in them or their money can loom large. With a prenuptial agreement, reasonable financial outcomes for both spouses can be negotiated while making it clear that marriage is not a route to a highly lucrative divorce.
Intellectual Property is a Key Part of Assets
Every marriage is built on the two unique persons and situations involved, and so there can be an infinite number of issues to be worked out in a prenuptial agreement, but one that is becoming more common is the desire to protect intellectual property assets in a marriage. As our society moves more and more from one in which people work for employers towards one in which individuals are self-employed and participate in the economy of ideas, intellectual property becomes a chief asset held by many people. In a prenuptial agreement, potential spouses can clearly demarcate ownership interests in current and future intellectual assets to protect their future.
For any questions on family law in California, contact the Law Office of Kelley C. Finan today to schedule a consultation to discuss your circumstances.