Why Getting a Prenuptial Agreement is the Responsible Thing to Do
SAN DIEGO AND ENCINITAS, CALIFORNIA – The saying, “Hope for the best, but be prepared for the worst” is applicable in so many aspects of our lives, marriages included.
Many people act as though discussion of a prenuptial agreement means you aren’t fully invested in staying married for the long haul, but we here at Griffith, Young & Lass disagree. It’s simply a good idea to plan for any eventuality. Here are two reasons why a prenup is a good idea:
All the Cards are on the Table
A prenuptial agreement enables both parties to know exactly what to expect in the
event the marriage does not work out, says San Diego divorce lawyer John Griffith. Couples bring lots of financial situations to a marriage. Perhaps you own a business. Maybe you stand to inherit a large sum of money at some point. A good portion of the population has some form of retirement account these days.
Even though you say, “Til death do us part,” statistics shows about half of married couples still wind up divorced. It’s important to protect your assets if that happens.
“If you have children from a previous marriage, you also should consider a prenuptial agreement,” Griffith says. “You might have funds earmarked for your children, and a prenup can spell that out so those funds are protected.”
Assets such as individual retirement accounts and life insurance policies tend to be divided between the spouses in a divorce, and the children often are not taken into consideration when there isn’t a prenuptial agreement in place.
A prenup also can spell out the terms and conditions for any debts that may be accumulated during a marriage.
Money is Saved
Going into a marriage with a prenuptial agreement means the divorcing spouses each will save significantly on attorney’s fees in the unfortunate event of a divorce, Griffith says. These agreements help prevent lengthy, contentious court battles by spelling out what each spouse will take away from the marriage.
“The items addressed in a prenuptial agreement tend to be items that every couple should discuss prior to getting married anyway,” says family attorney Griffith. “A couple can always go back and make changes to their agreement at a later date if both parties agree to the changes.”
Once you have your signed prenup in place, it’s a good idea to store several copies in various locations. You’ll want to keep one for your personal records, but you may also want to store one in a safe deposit box, with your CPA and with your attorney.
Our attorneys can help you by drafting a prenuptial agreement that adequately addresses the needs of you and your soon-to-be spouse. Contact our office today if you have questions or would like to schedule a consultation.