Divorce can lead to a lack of sleep, immense stress and family problems between you and your children. In many cases, this stress is due to the financial splits that are necessary after a divorce. This division of assets can be particularly messy if there are no arrangements made beforehand. The most popular arrangement to make before marriage is a prenuptial agreement, but there are other options available to help you in case of a divorce in California.
Before discussing alternate methods to a prenuptial agreement, it is important that you understand exactly what this is. You and your spouse make this agreement before you marry in order to avoid negative outcomes in case of divorce. It covers what happens to each of your assets during a divorce. These agreements can cover your property and even what child custody will look like.
Why would you not want a prenup?
Some individuals do not want to disclose all the assets that they have prior to marriage. In order for a prenuptial agreement to appear valid by the state, however, you have to disclose every asset that you own. There is a solution to this problem though: A lawyer can help you with creating an irrevocable trust.
The way to get around the laws of a prenuptial agreement is to form an irrevocable trust. This trust holds your assets for your children and other beneficiaries so that they technically do not belong to you. This means that if you decide to sign a prenuptial agreement in case of a future divorce, you do not have to disclose the assets that are in this irrevocable trust.
A divorce can happen to anyone, and it is important to have preparations made so that you can protect yourself in case a divorce occurs. Consider creating an irrevocable trust to place your assets in so that they are protected from property division during a divorce. A lawyer who is knowledgeable in the options available to you can assist you in establishing this trust and creating a prenuptial agreement.