Premarital agreements (PMAs) are a common solution for dealing with financial issues in a marriage. Also known as “prenups,” initially these agreements were popular for celebrity couples and very wealthy people. But today more and more couples create PMAs before they get married.
PMAs are often considered unromantic but can be very helpful in preventing litigation in the case of a divorce. This is one of the biggest benefits of creating a PMA.
Related Read: Premarital Agreements in Divorce
It is necessary to discuss financial issues with your spouse. The discussion is not only important for your spouse but it is important for you also. There should not be any financial secrets between spouses.
PMAs are also beneficial for protecting business assets. If you have accumulated business assets before marriage, a PMA can help keep them separate from your marital property.
Contested divorces can be heart-breaking. Couples fight for assets and it is quite hard to reach a settlement sometimes. Therefore, divorces can be expensive if they are not handled properly. Through PMAs, you can avoid battles over finances and assets.
PMAs are used by couples to determine how property will be divided between the parties in the event of a divorce. The agreement can also address alimony.
If you have any further questions, you can call us at (805)497-7474. You can also drop us a line at http://www.westlakedivorceattorney.com/contact and consult a family law attorney from Westlake Village for free.