While California prenuptial agreements have been around for years and are generally enforceable, provided that fraud or duress was not involved, a new phenomenon is occurring concerning "love contracts." Unlike prenuptial agreements, love contracts do not discuss and make agreements about finances. Instead, they detail promises that partners make regarding affection and other matters in their relationship.
Prenuptial Agreements Archives
Los Angeles residents may have once believed that prenuptial agreements were solely for the wealthy as they allow each person to maintain control of the assets they bring into a marriage in the event of a divorce. While wealthy individuals certainly have more at stake in a divorce and a prenup makes more sense for them, this does not mean that every person cannot benefit from a prenuptial agreement. One of the biggest benefits of creating a prenuptial agreement is being able to protect future assets. While someone may not have many assets heading into marriage, they may decide to start their own business one day or inherit a substantial amount of money from a relative. If this does happen and they go through a divorce, their spouse may be entitled to some of the assets accrued while married. Having a well-written prenuptial agreement in place can help them avoid losing a substantial amount of assets acquired during marriage.
Many people who marry don't sign prenuptial agreements. However, when the parties have considerable assets coming into the marriage or expect a windfall after the wedding, a prenuptial agreement is a good idea. Los Angeles residents have likely heard about the recently filed divorce petition of Nascar driver Danica Patrick.
Divorce can be messy for families and those connected with the splitting partners if negotiations over the terms of a settlement do not go smoothly. Many people these days are turning to prenuptial agreements to protect both parties. But it's not always as cut and dry as it was perhaps intended. When it comes to a high-asset division and a celebrity divorce, the stakes are higher.
Californians that amass a large amount of wealth should be cautious and use prenuptial agreements to protect their assets. Although people get married expecting they will be with their spouses forever, sometimes spouses grow apart, leading to divorce. In California, community property laws say that spouses can each be awarded 50 percent of the marital property. However, a good way to protect non-marital property and wealth is for both parties to sign a pre-marital agreement.
Los Angeles brides and grooms experiencing cold feet before their weddings should pay close attention to their feelings and perhaps have premarital agreements drawn up if they decide to get married. A recent study conducted by psychologists at the University of California, Los Angeles found that people who had doubts before their weddings were more likely to divorce or have trouble in their marriages than people who didn't have qualms about their upcoming nuptials.
For many Californians, the word marriage may bring to mind images of beautiful weddings and happy couples. However, marriage also brings up the question of merging finances, an important topic that may sometimes be given less attention than it deserves. While this is a challenging task for any couple, it can be even more complicated if either the bride or groom is marrying for a second or third time.
To start off our family law blog, it's only appropriate to offer some advice that may be helpful for Californians considering divorce as well as for those who would like to avoid it. A particularly contingent aspect of many divorces is the division of marital property, but there are some steps you can take to make the possibility of property division a little less daunting.