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Financial decisions, marriage and divorce

Financial decisions are a big part of any relationship. In business, financial decisions can mean the difference between success and failure. In personal relationships, financial decisions can mean the difference between a marriage and a divorce. For many California couples, a discussion regarding their current financial status, financial expectations and possible property division concerns should take place prior to the wedding.

One tool that has proven useful in these discussions is the prenuptial agreement. Many couples are waiting longer before they get married. Prior to starting to build a life together, they each have built their own career and financial stability. The prenuptial agreement can serve as a tool in preserving their financial concerns in the event that one of them dies or they divorce.

Prenuptial agreements are often thought of as a prelude to divorce; however, their purpose is not to leave one party destitute while the other retains all the assets. Each individual most likely brings assets into the marriage. Additionally, it is likely that these assets will increase in value over time. Furthermore, the couple will probably obtain additional assets throughout their marriage. The prenuptial agreement can address each of these issues.

Rather than allow the California court system to dictate how assets should be distributed upon death or divorce, a prenuptial agreement allows the couple to decide. Prior to saying "I do," the couple can decide who gets what, which assets should be set aside for the children and more. This way, the couple is taking a serious look at their current financial situation and making relevant decisions regarding their financial future.

Source: vegasinc.com, "Why successful couples need a prenup", Brian P Eagan, March 6, 2017

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