![]() ![]() You Expect to Receive a Substantial Inheritance Up Next: 7 Ways to Profit Off Your MarriageĪfrica Studio / 11. But if she signed a prenup waiving alimony that didn't discuss the possibility of further schooling, she has no legal recourse. If the couple has no prenup, she can ask for spousal support during the period it takes her to get her degree. Her husband supports this, but six months later, the marriage falls apart. Changed circumstances might cause a prenup that was fair at the time it was drafted to have detrimental effects on one spouse.įor example, take the situation of a middle-aged professional woman who decides to leave the workforce and return to school for her Ph.D. Prenups are generally based on a couple's situation at the beginning of a marriage. It's impossible to anticipate all of the issues and financial configurations that you might be facing if or when your marriage ends. While the intention of signing a prenup might be to provide financial certainty, certainty is not possible when it comes to the future. But things are not always that black and white. When you are considering the downsides of a prenup, friends might tell you it's better to fight early over a prenup than later in an expensive divorce battle. You Just Don’t Know What Financial Issues Lie Ahead Related: Is Child Support Tax Deductible? So if you waste time arguing about it in a prenup, you gain nothing. A prenup cannot make decisions about child support or child custody issues, since the courts determine both using a "best interest of the child" standard. ![]() The same holds true for custody and visitation issues of potential children if and when the marriage dissolves."Īnd that isn't only true for California. "Child support cannot be limited in a prenup in California as it would violate public policy. "Trying to address issues of child support in a premarital agreement would make no sense," said Razai. Razai, a family law attorney with Razai & Nefulda in Orange, Calif. You can't determine child support or custody matters by prenup, according to Shakeb A. But, you do want any kids you have to get child support if you divorce, and you'd like to get an agreement on custody and parenting time.įorget the prenup for this issue. And you aren't concerned about alimony or asset division. Perhaps you don't care about dividing up money with your spouse in case you split. All You Are Worried About Is Child Support "In my opinion, this is more like living with a roommate than living with a spouse."Īlso See: The Best and Worst States to Get a Low-Cost Divorce "In the above scenario, the husband would own one-third and wife would own two-thirds of the asset." Parks said. "People like pooling income and acquiring assets together because it falls neatly within their idea of what married life is supposed to be," Park said.Ĭontrast this result to what would happen with a prenup agreement that each spouse's earnings remain separate property. The asset belongs 50 percent to the husband and 50 percent to the wife if there is no prenup. Park gives this example of how community property works: The husband brings home $100, the wife brings home $200, and they buy something together for $300. Sharing income and assets, you decide everything with your spouse as a partnership. If you like the idea of pooling income and acquiring assets together, you don't need a prenup in a community property state. These laws divide property between separate property (belonging entirely to one spouse) and community property (belonging equally to both spouses.) All income earned by either spouse during marriage is community property. Some states, like California, have laws about marital property division called community property laws. Learn More: The True Cost of Divorce in America ![]() Even if you can afford the monetary price tag, the financial security might not be worth the personal price you pay in love and trust. If you go against your instincts and negotiate a premarital agreement to protect you against divorce, you might ruin your big day - and your romance. "If you believe discussing the topic with your future spouse may have a negative impact on the relationship, then a prenuptial agreement is probably not for you," he said. Prenuptial agreements require a stern and serious discussion of how to address finances if you divorce, and the negotiation takes place before you are even married.Ĭhattanooga, Tenn., family law attorney Ryan C. If romance is more important to you than finance, the personal price you pay for a prenup might be too high. You understand perfectly well that nothing lasts forever, but must you think about all that during those blissful days before you say "I do"? There is nothing romantic whatsoever about a prenup. ![]()
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