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Why business owners need a prenuptial agreement

On Behalf of | Oct 22, 2020 | marital agreements

Divorce can change everything for a California spouse, especially in terms of his or her finances. The end of a marriage can bring significant financial changes, and lifestyle adjustments may be necessary. Fair distribution of marital debt and assets are some of the many reasons why it is beneficial to consider drafting a prenuptial agreement before marriage.

A prenuptial agreement is a contract that outlines how the division of marital property will work in case of a divorce. It can reduce the chance of fights over money and property, and it can allow a spouse to protect closely held assets, such as business interests. Couples of all income levels can benefit from these agreements as they also can allow two parties develop a financial plan that will help them during their marriage.

It’s not easy to approach the topic of a prenuptial agreement. It’s a conversation that can allow both parties to be honest about their financial situation and understand what to expect. Couples can also share how they envision the future in terms of finances, and they can share expectations regarding financial responsibilities. Ultimately, discussing a prenup may actually be good for a relationship and reduce money-related fights during the marriage.

A prenuptial agreement can provide both parties peace of mind as they go into their marriage. A California couple considering marriage may want to discuss with an experienced attorney how they can protect their financial interests through a prenup. This type of marital contract can be custom-tailored to suit the needs of the couple and their goals for the future.