When wedding bells ring it can be easy to be swept up in the romance of wedding planning and your happily ever after. Sadly, the fact is that not every marriage will last. Some will end in divorce. One way to protect your financial interests in the event of a divorce is to execute a prenuptial agreement before marrying. Prenups are a basic contract that outlines each party’s financial rights and obligations should they divorce.
What can a prenup include?
The financial provisions of a prenup are generally enforceable. This includes clauses regarding property division and spousal support. California is a community property state, meaning that each spouse has an equal ownership interest in all marital property and thus marital property will be divided as equally as possible between the spouses. However, in a prenup a spouse can include a provision that grants them a greater or lesser share of marital property should they divorce. A prenup can also contain provisions regarding what assets will remain separate even if acquired during the marriage. Spousal support can also be addressed in a prenup.
What can’t a prenup include?
Prenups generally cannot include child-related provisions. This means that issues regarding child custody, visitation and child support cannot be made part of the prenup. Children have rights. To protect the best interests of the child, courts will make child custody and child support decisions.
Protect your rights
Ultimately a prenup can protect the rights of both spouses. The contents in a prenup can protect both parties’ debts and assets and can make the divorce process run smoother because property division and spousal support issues are already agreed upon. With the right prenup in place you can rest assured that your interests and those of your spouse are protected in the event of divorce.