IT’S WAY LESS ROMANTIC TO LOSE HALF YOUR ASSETS THAN TO CREATE A PRENUP
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Many young couples in love resist the idea of signing a prenuptial agreement on how to divide assets in the event of a divorce. In the throes of true love, it can feel decidedly unromantic to talk about money and especially about the possibility of divorce. We completely understand, but the truth is that a marriage is a legally binding contract whether or not you sign a prenup. The only difference is that if you don’t create a prenup and do get divorced, then things are going to be a whole lot messier.
California is one of a few community property states in the U.S., which means that all income and assets gained during the marriage (with a few exceptions) are considered equally shared by both spouses. Thus, they must be divided equally during a divorce. Even if you earn ten times as much as your spouse, all of those earnings will be split down the middle in a divorce…unless you have a prenup.
A prenuptial agreement is not meant to cast a pall over your love or turn your relationship into a numbers game. It is, however, meant to recognize that you can’t always predict the future or how you and your fiancée may change. If you should decide to divorce in the future, wouldn’t you rather split your assets on your own terms rather than let the state do it for you?
To learn more about prenuptial agreements, contact Albrecht & Albrecht.