What Is Included in a Prenuptial Agreement in a California Divorce?
Prenuptial, or premarital, agreements set specific terms in place in case you or your spouse file for divorce. Couples don’t want to think about the possibility of divorce, but these agreements are made to protect you and your ex-spouse just in case it ever happens. If you or your ex-spouse have certain assets and savings that need to be protected, a prenuptial agreement can be a great idea. However, there are certain limitations to these agreements that couples should be aware of.
What Should Be Included in a Prenuptial Agreement?
- Separation of separate property and marital property. Community, or marital, property laws are used in California to simplify how property is distributed during a divorce. In California, property and debt can be split 50/50, but the exact percentage will depend on you and your spouse’s individual needs and preferences.
- Debt protection. Without a prenuptial agreement, creditors can find marital property even though only one of the spouses is a debtor. In order to prevent this, debt liability can be limited in a prenup.
- Property inheritance for children. If you had children during a previous relationship and you want to guarantee that they inherit some of the property, a spouse can use a prenup to classify this.
- Distinguish family property. Family businesses or heirlooms should be kept in the birth family, so he or she can specify what this property is in their prenuptial agreement.
- Estate plan protection. Prenups are one of the ways that a spouse can ensure his or her estate plan operates the way they want it to.
- Marriage responsibilities. There are other duties that can be outlined in a prenuptial agreement as well, such as retirement benefits, tax return information, management of bills, expenses, joint bank accounts, and credit card payments.
If you are interested in knowing more about prenuptial agreements that can protect your assets and property during a divorce, you should contact an experienced divorce attorney. Call our San Diego divorce attorneys today for an initial consultation.