If you’re getting married, then you should think about how California’s community property rules will affect you, and whether there’s a better way for you to promote your financial goals. You may have heard that after seven years together, Harrison Ford and Calista Flockhart confirmed they’re getting married, and I can’t help but wonder-will there be a prenup? Thinking back to another famous Hollywood marriage, the Tom Cruise-Katie Holmes prenuptial agreement reportedly provides Holmes from between $3 to $33 million per year, according to MSNBC.
Hollywood prenups aside, a premarital agreement is a smart idea for many engaged San Diego couples, including professionals or people who have been married previously. With a premarital agreement, you (instead of the State of California) decide together how you’ll want to divide assets in the event of divorce, and also identify who can sell or encumber property during the marriage. In his Nola.com blog, certified financial planner John Gin advises that couples get off to a strong start by discussing current and future finances before getting married, and cautions on the added importance of this talk if either of you have been married before or have kids. In these cases, a premarital agreement not only protects your assets, but helps you to better provide for your children’s future.
As experienced San Diego attorneys, we’re able to create a premarital agreement that is fair and reflects your financial planning goals, and carefully abides by California law to help ensure your wishes will be upheld in court. Also be sure to create or update your will and living trust to fit the new circumstances. Take the right steps now as you get ready to begin your marriage, and contact San Diego Law Firm at (619) 794-0243.
