It’s wedding season. You can probably reach out an arm and touch someone who is planning the big day. Whether it is you, your child, a friend or a family member, the idea of a prenup should not be passed off as something only for the rich and famous; nor should it have the cruel stigma that has been associated with it. With divorce rates on the rise and the financial market unsteady, having a prenup in place can help save a marriage as much as it can ease a marriage breakup.
You may not realize it, but all marrying couples have a “prenuptial agreement” – it is known as “divorce law.” However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of a Judge.
Here is a good checklist to help determine your needs:
Do you plan to be a stay at home mom/dad?
A prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.
Does your partner have a high debt load?
If you are marrying someone with a significant debt load, and don’t want to be responsible for these debts if your marriage ends, then a prenuptial agreement can help ensure that this does not happen.
Are you much wealthier than your partner?
A prenuptial agreement can ensure that your partner is marrying you for who you are, and not for your money.
Are you much poorer than your partner?
Just as a prenuptial agreement can be used to protect a spouse who is well off, a prenup can also be used to ensure that the partner who is weaker financially is protected.
Do you earn more than your partner?
A prenuptial agreement can be used in many states to limit the amount of alimony that is payable.
Are you remarrying?
When you remarry, your legal and financial concerns are often very different than in your first marriage. You may have children from a previous marriage, support obligations, and own a home or other significant assets. A prenuptial agreement can ensure your assets are distributed according to your wishes.
Do you own a business or are in a business partnership?
Without a prenuptial agreement, when your marriage ends, your spouse could end up owning a share of your business. Your business partners may not want this to happen.
Do you have an estate plan?
A prenuptial agreement can ensure that your estate plan works, and, for instance, ensure that a specific heirloom remains in your family.
For more information please call the Law Office of Steven B. Chroman at 661-255-1800 or visit us at www.chromanlaw.com.
This article was originally published in Santa Clarita Magazine as part of our firm’s mission to make family law information more accessible to the Santa Clarita community. Read the full feature and others at santaclaritamagazine.com.