Once you have gone through a divorce, the pain, torment and emotional distress of divorce would be there for you to experience. Divorce can be a sapping experience emotionally as well as financially. This is especially true for spouses that have had to part with a significant chunk of their estate to an idle spouse. Once they have gone through a divorce, they will feel betrayed by the concept of marriage as one that can rid you of your hard-earned assets.
For such spouses the thought of remarrying can bring up the same ghosts of the past. To make sure you avoid them, a prenuptial agreement is the best way out. A prenuptial agreement simply is an agreement that deals with the financial consequences of an Orange County divorce even before the marriage or remarriage has taken place.
A prenuptial agreement is recognized by courts and can be particularly important for those spouses looking to remarry. Here are a few reasons that make it an important addition for them.
Protect your wealth and salary from being distributed further
When you are remarrying you have already ceased a part of your estate to your ex spouse and are likely to be a paying a certain amount off your income to your ex spouse in alimony and child support. When you marry again the resources will be smaller and you may not be able to afford their distribution any further. For that arrangement to be in place you’ll need a pre nuptial agreement that clearly lays down the law as to what the other spouses will get if the marriage ends in an orange County divorce.
When your partner has a high debt load
When you marry a person without checking for their debt load, you need to understand that the rule is all things are to be shared between the spouses in the event of a divorce and liabilities such as debt are included. Before you remarry make sure you have a pre nuptial agreement with the spouse to be that ensure that the debt liabilities aren’t transferred on your shoulder once you have gone through an Orange County divorce.
To keep your business from being affected by your private life
There are cases when you may own a business with another business partner. In the case when you haven’t had a prenuptial agreement drawn up, some portion of your share in the company could be transferred to your former spouses. This would not only cause issues in ownership of the company but can also affect the decision making powers etc. The best way to avoid it is to use prenuptial agreements before you remarry to ensure your business stays out of your private life.
Gerald A. Maggio is an experienced Orange County divorce and family law lawyer and family law attorney located in Irvine, California, serving the Orange County and Riverside areas. Mr. Maggio assists clients with legal issues including divorce, legal separation, divorce mediation, child custody, prenuptial agreements, stepparent adoptions, and other family law issues. Mr. Maggio has practiced law in California since 1999, and founded The Maggio Law Firm in 2005, focusing exclusively on divorce and family law matters.