These days, people are waiting longer and longer to get married. This means that many folks walk into marriage with a large and potentially complex array of assets. Not only that, but people at later stages of life are more focused on their long-term financial goals, and it’s important to sit down with the soon-to-be-spouse and ensure that both of you are on the same page.
Prenuptial agreements carry a bit of a bad reputation, but that has been rapidly changing over the recent years, and for good reason. Despite their rep, a prenuptial agreement can be a powerful and effective tool that can help strengthen a marriage and reinforce any financial goals the couple may have.
Here are just a few scenarios were a prenuptial agreement can effectively help you and your partner plan for a better future:
Allocating funds for saving and “fun money”: A couple might have different ideas about how much exactly should be saved and invested, and how much one should allot for fun and living in the now. A prenup lets you both come to an agreement and formalize it in a way that protects and safeguards both of you.
Planning for college expenses: It’s important to plan for future educational costs when kids are involved, and a prenup lets you both do exactly that in terms that work for the both of you.
Accounting for inheritances and other special funds: If one or both parties expect a windfall in the future, or are currently in ownership of specific or unique funds that they wish to use or keep for a specific use, a prenup can help them separate this from all married assets as required.
As you can see, a prenup is a tool that can help partners proactively plan for and protect their financial future even in changing circumstances. Rather than a sign of distrust, a prenup often functions as a formal signified of a collaborative and supportive relationship where both parties work towards shared, common goals.
We hope this post highlighted some of the ways that prenuptial agreements help CA couples plan for the long-term. If you have any questions about this, or about any other matter involving family law or divorce in CA, don’t hesitate to contact us directly.
Give us a call at 925-271-0999 to book a free initial consultation. Our team of legal experts at the Law Offices of James P. White are standing by to help.