Once of the leading reasons people get into divorce is because of the monetary windfall the less privileged spouse can get from his/her wealthy counterpart. However, there have been legal methods developed to make sure financial benefits are not a motivator for divorce. One such act is the introduction of a prenuptial, also known as a pre-marital agreement, between the spouses at a sufficient time well before the wedding date.
What is a Prenuptial (Premarital) Agreement?
A pre-nuptial agreement is an agreement that the spouses have prepared weeks or months before the wedding. Simply put, this agreement outlines the number of assets or the percentage that either of the spouses will be entitled to in case of divorce. Such agreements tend to allow the wealthier spouses to keep hold of much of their estate, instead of having to share considerable chunks of it with their spouses.
Advantages of Prenuptial Agreements
Over the years, with the number of wealthy people increasing, the use of prenuptial agreements has become more of a norm rather than an exception. Here is a list of a few advantages of getting into a prenuptial agreement.
· A Prenuptial Agreement Can Protect Financial Stability
This is the primary reason most people want a pre nuptial agreement in the first place. In cases of divorce that are run and tried for in the Orange County family law courts, the law wants the assets owned by either of the spouse to be shared among both the spouses. This would be a disadvantage to you if you’re the party with the larger number of assets. Once you get into a pre-nuptial agreement though, you are better able to protect your assets.
· Reduces Unnecessary Conflict
When it comes to divorce cases, there are large number of conflicts that can develop between the spouses owing to monetary disagreements and problems with asset distribution. This not only will stretch the divorce case further, but is also likely to have an adverse affect on the children that are part of the marriage.
When spouses get into a pre nuptial agreement, they are already deciding on the percentage of asset distribution and what each spouses will be entitled to after divorce. Once a prenuptial agreement has been signed, both the spouses will be aware of their worth and the assets that they will have a control over if the relationship ends. Knowing this would not only deter the divorces done to gain ample money for them but also help in little asset distribution conflicts among spouses in family law courts.
Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.