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Prenuptial agreements important for business owners

Planning a wedding can be an exciting experience for the California couple. There are numerous details to work out and a number of decisions that must be made. In addition to this excitement, one must also juggle the day-to-day aspects of everyday life and all that it entails. As engaged couples look at their current picture and anticipate what the future may hold, the necessity of creating prenuptial agreements often becomes evident.

Today's engaged couple brings to the marriage greater life experience and assets than most from previous generations. These assets accumulated prior to the marriage are generally considered to be separate property. However, so that there is no confusion later on, it is often beneficial to list them as such in a prenuptial agreement.

In addition, many people getting married these days are business owners or have a financial interest in a business. Traditionally, business interests acquired prior to marriage are considered separate property; however, the increase in value of such a business interest over the course of the marriage could be considered community property. If this is not the desired outcome, then again, it should be so indicated in a prenuptial agreement.

Prenuptial agreements are not a prelude to divorce. They are simply one way to protect each partner individually, including any business interests, in case of divorce. Prior to walking down the aisle, the parties will want to discuss individual expectations, as well as financial and business interests. Experienced legal counsel can assist each individual in navigating California's legal system and drafting a prenuptial agreement that meets the needs of each individual and the couple as a whole.

Source: brides.com, "The 6 Things You're Forgetting to Include in Your Prenup (From a Divorce Lawyer)", Jaimie Mackey, July 27, 2017

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