A prenuptial agreement is a legal tool that allows couples to set arrangements about their property rights during marriage and in the event of a divorce or death. This is a legally binding contract, and each party is required by law to uphold the stipulations set forth. A prenuptial agreement is entered into before marriage while a postnuptial agreement is effectuated after marriage.
There are a variety of reasons to get a prenuptial/postnuptial agreement, including:
- To govern over particular financial matters of the couple’s future
- To create limitations on separate property
- To establish terms for spousal support
- To prevent the transfer of a family business to another owner
- To preserve an individual’s property or inheritance
- To arrange ownership of property for tax purposes
- To protect assets for children from a previous relationship
The state of California stipulates that no divorce decree may be finalized until six months after the divorce paperwork is served to the respondent (the non-filing spouse). An attorney can make sure the client received a fair representation in a divorce proceeding
A legal separation can be a stopping point on the way to divorce. It allows a couple to resolve all the important issues (custody and financial issues) in their lives while keeping the marriage intact and determining what they really want. A legal separation is reversible. If you get divorced, there is no going back. Legal separations may also be easier for your children, because you remain married and it does not sound as devastating and final as a divorce.