Family Law Archives - Page 11 of 36 - Lonich Patton Ehrlich Policastri

How Spousal Support Works in Same-Sex Divorces

March 8, 2022/in Family Law /by David Patton

In 2015, same-sex marriage was legalized federally in the United States, which meant that same-sex marriages were finally recognized in all states. This decision ensured that same-sex couples could receive the same benefits as heterosexual couples, including legal privileges such as medical insurance, tax benefits, and employee benefits for spouses.

Since the ruling, same-sex couples are navigating divorces for the first time as well. The process is the same in many ways, but there are some unique factors for same-sex couples considering a divorce.

What is spousal support, and how is it determined in a divorce?

Spousal support, also known as alimony, is a payment made from one spouse to another in the event of divorce within a marriage. The spousal support is typically awarded as part of a divorce settlement when one spouse can’t work or is unable to independently earn sufficient income to maintain a marital standard of living after a divorce.

In these cases, a court may award spousal support as a part of the divorce process. Spousal support is typically calculated taking into account a number of factors, including current income, earning potential, work or education experience of each spouse, custody of children, and more.

In a typical divorce, a judge will also look at the length of a marriage, whether there was a pre-nuptial agreement, and whether there was any shared property or assets between the couple.

Are there unique issues or considerations for same-sex divorces?

Although many aspects of divorce are the same for same-sex couples, there are some circumstances that could impact a same-sex spousal support agreement.

Same-sex couples may be more likely to have a less conventional situation when it comes to children. They may have adopted a child together or utilized a surrogate or an egg or sperm donor.

In these cases, the court may need to examine the situation to determine whether both parents have parental rights, and some have questioned whether primary custody typically could be awarded to a biological parent.

Determining the duration of a marriage can also be unique for same-sex marriages: This is because sometimes the relationship has lasted longer than is legally indicated, due to same-sex relationships only becoming formally recognized in the mid-2010s. A couple may have been in a domestic partnership or long-term relationship before that, but it wouldn’t necessarily be documented legally. In certain situations like this, courts may have the discretion to recognize longer relationships.

Shared property and assets can also be a question that comes up in divorce proceedings. There could be a question of how to properly divide assets if an asset was purchased before the marriage became recognized federally.

Since this is still a newer area of the law, many divorces are settled on a case-by-case basis. That’s why it can be important to make sure you have an experienced family law attorney to help you navigate the unique circumstances surrounding LGBTQ+ divorces.

To set up a consultation with one of Lonich Patton Ehrlich Policastri’s experienced California attorneys, click here or call (408) 553-0801.

How Child Custody Mediation Works

March 3, 2022/in Family Law /by Virginia Lively

When a couple decides to separate, nothing is more important than coming together to determine what is in the best interests of their children. It is a difficult situation, as there may be anger and hurt on both sides. Still, a trained mediator can help ensure the best possible outcome for everyone involved, especially the children.

Parents can meet with a private mediator or one appointed by the court. A mediator is a neutral party who will listen to both parents, review different options, and come up with a solution on what is in the best safety and welfare of the children.

What to Expect During a Child Custody Mediation Session

A child custody mediation session is not the opportunity to place blame on the other parent. Instead, it’s essential to come into the session with an open mind and a willingness to listen. A mediation session is an opportunity to come together and decide upon the best co-parenting plan that will have minimal disruption in the child’s life.

There are three main goals of child custody mediation:

Making a plan to co-parent that is in the best interest of the child
Ensuring the plan allows the child to spend adequate time with both parents
Helping both parents to learn effective ways to deal with hurt, anger, and resentment.

A child custody mediation session may last a few hours. It is important to get a good night’s rest the night before to ensure that you are focused and alert. Be prepared to discuss several options regarding your child’s schooling, activities, appointments, transportation, and other daily activities.

Is Child Custody Mediation Mandatory In California?

California family courts want the issue of child custody and visitation settled before any hearings take place. According to Family Code 3170 and 3175, family courts require meditation whenever there is a dispute, and it is mandatory before the parents appear before the judge for child custody rulings.

Is Child Custody Mediation Legally Binding?

A parenting plan can be resolved with either a private mediator or a court-appointed one. However, after the couple arrives at a solution, it goes before the judge. The judge will review and sign the agreement, thus, making it a legally binding document.

In the cases where parents can not come to a solution, the mediator will make a recommendation to the judge. The judge may agree or make some changes, but once the judge signs it, it is legally binding.

Get Help From An Attorney

A child custody mediation can be emotional, and you may be feeling stressed and confused. The attorneys at Lonich Patton Ehrlich Policastri can help you understand the process and what to expect. Our attorneys have years of experience helping parents through the mediation process and can provide you with the guidance you need to make the best decision for your family.

We offer free consultations so that you can get all of your questions answered before making a decision. Contact us today to learn more about how we can help you through this difficult time.

Debt During Divorce: Who’s Responsible?

February 23, 2022/in Family Law /by Gina Policastri

A big question often arises in divorce settlements – who is responsible for the debt? It’s a complex question requiring a degree of nuance in determining. In particular, California divorces have unique circumstances relating to community property.

What is community property?

Community property is a critical concept to keep in mind when initiating the divorce process, especially in California, a community property state. Any income of either spouse and real or personal property acquired by either person during the marriage falls under community property – though this does not include gifts or inheritances.

This means that both spouses share equal ownership rights for any earned income or property – but beware that this means debt also falls under community property.

Who is responsible for any jointly accrued debt?

Under California community property law, any financial obligations incurred during your marriage become the responsibility of both spouses during a divorce. Premarital debts brought into the marriage could also become the responsibility of both parties.

There are, however, some exceptions to this. Separate property is acquired before entering the marriage and therefore does not become shared community property. This can be things like a house or vehicle owned before the marriage. As long as the funds for payments on this property come from a separate source and not from income generated during the marriage, the property remains separate.

If funds do become mixed, this is considered co-mingled property and can be tricky to sort out. This can happen in situations where an initial property was considered separate but was sold, and the funds were then used to buy another asset that was partially paid for with community income as well.

How can you protect yourself from liability?

For individuals who are considering nuptials but haven’t yet said “I do,” a pre-nuptial agreement is worth discussing. An agreement like this might outline that both spouses agree to treat their debts and income separately.

While no one wants to think about a future divorce as you plan a wedding, a pre-nuptial agreement can ensure you and your spouse-to-be are on the same page in the event something should happen down the road. This allows you to discuss with a level head, not in the event of a divorce when emotions are running high.

How can an attorney help?

Although community property can be a complicated matter, it doesn’t necessarily mean that you need to appear before a judge to sort out the property division. Often, attorneys can help a divorcing couple come to an agreement, though note that in California, a judge will still need to sign off on the final agreement with a court order to ensure its validity.

If you have questions regarding a division of debt in your divorce, call (408) 553-0801 or click here to schedule a free 30-minute Family Law or Estate Planning consultation. Lonich Patton Ehrlich Policastri’s experienced attorneys specialize in divorce and family law and can help with your divorce-related debt questions. With over 100 years of combined experience, the Family Law group at LPEP can help you navigate even the most complex of family law and estate planning matters in California.

Recently Divorced? Take Advantage of Potential Tax Breaks

February 15, 2022/in Family Law /by Gretchen Boger

For many people, getting divorced is a difficult and life-changing experience. While there are undoubtedly challenges that come with divorce, it’s important to consider that there may also be some potential tax breaks available as both partners go through this process.

Determine your tax filing status

If you were legally married as of December 31, you can file a joint tax return. This allows you to combine your income with your spouse to receive a higher standard deduction.

If you can’t file jointly, you can still consider filing as head of household, which also has the benefit of a bigger standard deduction and more lenient tax brackets. However, only one spouse can file as head of household, and there are several requirements to be eligible: you must have had a dependent living with you for at least half the year, and you must have paid for more than half of the upkeep of your home.

Alimony and Child Support

If you have an alimony agreement put in place before 2018, you can deduct the payments as an above-the-line deduction. However, if you began an agreement after 2018 or changed an existing agreement, the payments will not be considered deductible. The IRS also requires the recipient’s social security number to be reported, so they can track it to make sure it’s reported as received income.

Child support payments are handled in a separate manner. You cannot deduct nor be taxed for any child support payments made or received.

Claiming Dependents

After a divorce is finalized, only the custodial parent can claim children as dependents. The custodial parent is the parent with whom the children live with more nights during the year. This parent can claim the earned income tax credit and other credits such as higher education tax credits.

There is an exception to this – a custodial parent can fill out a Form 8332 waiver and transfer dependent status to the non-custodial parent on a yearly basis. This could make sense in a situation where the non-custodial spouse falls in a higher tax bracket.

Children’s Medical Expenses

If you contribute towards a child’s medical bills, you may also be eligible to include this in your medical expense deductions. This applies even if you aren’t the primary custody holder. However, the expenses would need to exceed 7.5% of your adjusted gross income to be eligible.

Asset Transfers and Sales

It’s important to consider the possible tax implications involved with transfers of assets. While there is no tax responsibility for the recipient when a property is transferred during a divorce, they would be responsible for capital gains taxes on the appreciation of the house if and when it was sold.

You may also decide jointly to sell a home. In this situation, if you have owned the property and lived there for at least two out of the previous five years, both spouses can exclude up to $250K each if filing separately, or $500K if filing jointly.

If you live in the San Jose, CA area and have questions about the tax implications of a pending divorce, call (408) 553-0801 or click here to schedule a complimentary consultation. Lonich Patton Ehrlich Policastri has a team of experienced attorneys specializing in divorce and family law who are ready to help you.

How To Handle Late Alimony Payments

February 2, 2022/in Family Law /by Riley Pennington

One of the most delicate situations caused by divorce is the awarding and collecting of spousal support payments. While the wage garnishment process attempts to alleviate the burden of collecting payments each month, there are situations in which people fall behind on their payments. Late alimony payments are stressful to deal with and it is important that you understand your rights in obtaining your spousal support in California.

While a significant “change in circumstances” can legally and temporarily give the spousal support payor the right to modify spousal support, there are serious consequences for neglecting to pay spousal support and judges typically favor the person receiving the support.

Delay Due to Financial Hardship

If your ex is falling behind on alimony payments, the first thing that you should do is try to understand why. It might be that your ex has suffered from a recent financial hardship such as the loss of a job, and you might want to take that into consideration before you let your frustration drive your decision-making.

If this is the case, and you believe that they will likely find a job soon and continue to pay the alimony payments, then you might want to consider creating a written agreement that modifies or temporarily suspends the required spousal support payments until your ex has a new source of income. If you chose to do this, it is highly advised to hire a spousal support lawyer so that you know that your rights are protected and you will continue to receive your mandated spousal support once the financial hardship is remedied.

Late Payments Due to Neglect

While the wage garnishment process tries to alleviate the burden of collecting payments, people who are self-employed or unemployed are not subject to having their wages garnished to pay spousal support. In these circumstances, you can fight for your spousal support by placing pressure on your ex to either obtain a job that fits their experience and earning capacity or maintain their payment schedule.

The state of California offers support in the form of the Local Child Support Agency (LCSA) (known as DCSS in Santa Clara County) if the parties have children and the spousal support affects the children’s well-being.

If the LCSA is not already involved in your spousal support, and you’re dealing with late alimony payments, then you should hire an attorney to help you in your fight to obtain your spousal support. You may have the following options:

If your ex does not already have their wages garnished, then you can go to court to ask for an earnings assignment from the person’s employer.
If you and your ex created an agreement that the payor would pay without a wage assignment, then you can ask the wage assignment to be reinstated.
If your spouse owes you arrears (past due support), then you can ask a judge to adjust the earnings assignment so that the arrears are factored into the garnishment amount, and subject to 10 percent interest per year.
If your ex has the financial means to meet the payment schedule and simply isn’t making payments, then you might want to go to court to have a judge intervene. Judges have the authority to use the full force of the law to enforce legally-binding alimony payments, and may hold the payor in contempt (fines or jail time) for not meeting their payments.

If the LCSA is already involved in your spousal support, then the organization can assist you with:

Placing a lien on the payor’s bank accounts and real property
Redirect a payor’s tax refunds or public benefits to help assist with the spousal payments
Temporarily suspend a driver’s, business, or professional license

If you are facing difficulty with obtaining spousal support payments from your spouse in California, then it is strongly recommended to speak with a spousal support lawyer. LPEP specializes in divorce and family law and has the resources you need to help you obtain your owed alimony payments. Schedule a free consultation by clicking here or calling us at (408) 553-0801

How Is A High Net Worth Divorce Different From Other Divorces?

January 25, 2022/in Family Law /by Virginia Lively

Divorce is often a contentious matter. Emotions can get in the way and cloud one’s judgment. Tensions run even higher for couples with a high net worth. There’s more at stake when it comes to property division, child support, and spousal support. High net worth divorce differs from standard divorce in many ways. Our divorce attorneys discuss some of these ways below.

Property Division & High Net Worth Divorce

Couples with a high net worth have more property and assets than the standard couple going through a divorce. This means that the division of property is far more complicated, and often, more tumultuous. It requires much more attention to ensure both parties are satisfied with the outcome.

California is known as a community property state. This means that assets and debts acquired during marriage are considered community property and are divided evenly between the parties.. The marital estate can include family homes, family businesses, retirement accounts, 401ks, pensions, IRAs, vacation homes, and any investment properties among other things. It can also include stocks, bonds, mutual funds, and offshore accounts, among other assets such as jewelry and personal effects. Often, the way in which the assets are divided is determined by the Court because high net worth marriages have complicated issues such as reimbursement claims, separate property claims, and other considerations. This process often causes resentment, especially if one party contributed to the finances more than the other. Legal fees can also run higher as couples with a high net worth typically require longer legal assistance to sort property division out, which can rack up lawyer fees and court fees.

Spousal Support

Often in marriages with a high net worth, there is a disparity in income between the two parties. In these cases, spousal support may be necessary. In California, the courts are not under any obligation to provide spousal support, but if there is a discrepancy in income between the two parties, it will often be awarded. The amount and frequency of the payments are subject to change and vary case by case. In California, the courts usually award two types of alimony – temporary alimony and permanent alimony. They can also award lump-sum alimony and rehabilitative alimony. The courts may deem larger support payments in a high net worth case based on what they view as fair according to the couple’s standard of living during the marriage. This can be a costly decision for spouses who own their own businesses as court discretion rules heavy over standard calculations that apply to smaller estates.

Child Support in a High Net Worth Divorce

Child support is different in high net worth cases as well as there are typically expenses that don’t apply to smaller income households. Children who come from a high net worth family typically have expenses such as private school, boarding school, or expensive competitive sports training or other extracurricular activities. Trusts are also frequently involved in these cases. As with spousal support, the judges will determine when the payments are due. Whereas in lower income brackets, there are standard calculations the courts typically rely on, in larger asset estates, court discretion is more heavily relied on for additional children’s expenses.

Get An Experienced Attorney On Your Side

High net worth divorce is typically a longer and more costly process than standard divorce proceedings. If you expect to be involved in a contentious high net worth divorce, you need the best divorce attorney on your side. Our law firm, serving San Jose, Santa Clara and the Greater Bay Area Counties, has extensive experience managing high net worth divorce cases. We offer free 30-minute consultations to those in need. Set up your consultation with Lonich Patton Ehrlich Policastri by clicking here.

How To Create A Custody Schedule That Works For Both Parents

January 18, 2022/in Family Law /by David Patton

One of the most challenging things about going through a divorce when you have children is planning out a custody schedule that works for both parents. It’s difficult when there’s already animosity and resentment involved to come up with something that is fair and beneficial to both parents. Working with a child custody lawyer and a divorce mediator can help you and your ex-spouse create a plan that grants you both time with your child while being in the best interest of everyone involved.

Creating A Temporary Custody Agreement

Divorces can take quite a while to be finalized. For this reason, it’s best to come up with a plan to carry you through the duration of the divorce. A temporary plan can be a very useful way to test out a custody schedule before finalizing it. You and your ex-spouse can work together to tentatively nail down days and times that your child will spend with each of you, joint parental guidelines you will both abide by when raising your child, and any financial support one parent may need to pay the other.

A temporary custody schedule is a way to work out the kinks and see what is and isn’t working. Keeping detailed notes of any issues that arise and the dates, times, and frequency can help the judge approve a better plan once the divorce is final. The purpose of a temporary plan is to get through the divorce while you and your ex successfully co-parent.

Work With A Collaborative Divorce or Mediation Attorney to Create a Child Custody Schedule

Mediation and collaborative divorce are popular options when couples are trying to avoid litigation and all the animosity that comes with a bad divorce. You will go over all the details of the divorce with a neutral third party, such as dividing up property & assets, alimony payments, and most importantly, child custody & visitation.

With the help of an attorney or mediator, you and your ex can work together to find common ground and to compromise. You want to do what is healthiest for your child, and a skilled mediator can help you make the best decisions based on your shared joint legal custody and physical custody. Some of the things you’ll consider when mapping out a custody schedule are:

Set a school schedule – The hardest part about joint custody is working out a school schedule that benefits the child. Keeping the child in school in a stable environment to complete assignments is key. If they have after-school activities, you and your spouse will need to make sure those responsibilities are divided up too.
Set a holiday schedule – Some parents feel very territorial over holidays and for understandable reasons. But now that you and your spouse have split up, you’ll have to break the holidays up between you, unless you plan on still spending them together.
Parenting guidelines you’ll both follow – When you were together, you and your spouse most likely decided on ways that you were going to raise your child. Now that you’re split up, some of these decisions may not line up anymore. Joint legal custody grants parents the right to make legal decisions on how a child is raised (including decisions such as what religion the child will be raised as for example). Coming to an agreement on these guidelines is key for creating a custody agreement you both like.
Appropriate boundaries for meeting new partners – It’s inevitable that you and your ex will move on and find new partners. While it’s hard to imagine now, when your split is still fresh, it is something you need to plan ahead for. When are you okay with each other introducing your child to a new partner? Making a detailed agreement on this now will prevent frustration and surprise down the line.

If you have questions about child custody or creating a child custody schedule, LPEP Law goes over the details here. We’re based out of San Jose but serve surrounding areas, including Santa Cruz. We also offer free 30-minute consultations where we can talk to you about setting up a custody schedule that works for you and your ex. We can also help you with divorce mediation/ collaborative divorce. You can reach out to us here to set up your free consultation.

How to Get A Divorce When Your Spouse Doesn’t Want One

November 18, 2021/in Family Law /by Gretchen Boger

Relationships are tricky and don’t always end the way we want them to. If you’ve been stuck in an unhappy marriage for a while, you may be wondering how to get a divorce. It isn’t a snap decision one should make; it takes time and planning.

Experienced divorce attorneys recommend meeting with an attorney for a divorce planning session. Divorce planning can help you prepare documents and can even help you come up with a plan to tell your spouse you want a divorce. What happens if your spouse doesn’t want a divorce? Divorce planning can help prepare for these obstacles as well.

How To Tell Your Spouse You Want A Divorce

Sometimes, the most difficult part of getting a divorce is having the conversation with your spouse. You’ve built a relationship over time and may even have children together. Emotions are deeply invested. You need to be delicate with how you deliver this news to your spouse.

Planning out what you want to say ahead of time can help you avoid bouts of anger or sadness while having the conversation. Make time with your spouse to have the conversation. Even if you think they may have an idea this is coming, you may catch them off guard. Carving out a specific time to have this discussion can help. You also need to have this conversation in private to avoid humiliation, hurt, and to give you both space to feel your emotions. If you want more tips on how to have this talk with your partner, check this out. What if your spouse doesn’t want a divorce?

How To Get A Divorce When Your Spouse Doesn’t Want One

Many people panic when their spouse refuses to agree to a divorce. Most states will not force you to stay in a marriage you wish to be done with. You just need to follow the necessary guidelines for your state on how to get a divorce.

When you want a divorce but your spouse doesn’t, you can have papers legally served to them. They have a certain period of time to respond to the papers, after which you can reach out to the court for next steps if they don’t reply. Oftentimes, if you’ve followed procedure properly, a court will grant you your divorce.

If, however, your spouse responds within an appropriate amount of time, you will both have to work together to resolve property division, child support, alimony, and other issues. If you can’t reach an agreement, you will have to seek Court involvement to assist in resolving these matters. Also keep in mind if you are considering divorce that California has a 6 month waiting period between when you file for divorce and its finalization, no matter how quickly you reach an agreement.

Getting Help

In certain instances, you may qualify for a summary dissolution. This is a faster, easier procedure. To find out if you qualify, go here. If you’re unsure, meet with an experienced divorce attorney to answer your questions. In many cases, when one party doesn’t want a divorce, the proceedings can become contentious. An experienced attorney will know how to get you divorced as quickly as possible, guide you on what is rightfully yours, and ensure there is as little financial impact as possible. If you live in San Jose or the surrounding areas, Lonich Patton Ehrlich Policastri offers free 30-minute consultations. Get help with all your divorce needs, such as divorce planning or divorce litigation. Contact us here.

Mistakes to Avoid During High Net Worth Divorce

October 27, 2021/in Family Law /by Gina Policastri

Divorce proceedings are never simple, and high net worth divorces tend to be even more complex and contentious. When couples have several or higher-value assets, they have more disputes to settle and divorce proceedings often become lengthy and spiteful. It is common for people going through a divorce to make rash decisions; however, it is important to remain level-headed during the litigation process and educate yourself on the mistakes to avoid during a high net worth divorce.

Understanding High Net Worth Divorce in California

California recognizes community property in divorce proceedings. This means that property acquired during a marriage is considered community property and should be divided equitably during a divorce proceeding. While this may seem like a straightforward process, there are many intricacies in the law, which is why hiring a divorce attorney who is experienced with high net worth divorce cases is highly recommended.

While your divorce attorney will tackle most of the complicated tasks, there are several mistakes that you want to avoid in order to protect your assets.

1. Don’t Spend Lavishly Before or During the Divorce

There is a misconception that it is wise to indulge prior to a divorce proceeding. This habit often backfires as debts are also accumulated during divorce proceedings and judges can consider selfish spending when making litigation decisions. Contrary to popular belief, increasing your spending prior to the divorce will not increase your alimony payments. You could also end up having to reimburse your spouse for frivolous spending leading up to dissolution proceedings.

2. Don’t Try to Conceal Your Assets

Since California practices community law, many spouses are tempted to conceal their assets during divorce proceedings. This is not only illegal, but it is also insensible as they will most likely be discovered during the discovery and settlement process.

3. Don’t Blindly Follow The Advice of Your Family or Friends

It is common for people who have experienced divorce to believe that they are experts in divorce proceedings, however, they are often misinformed. It is important to to avoid drawing conclusions from one person’s case. When it comes to decisions regarding how you should handle your financial assets and decisions regarding your divorce, the advice that you should value the most is the person you have hired to give you advice – your divorce attorney.

4. Don’t Try to Rush Through The Settlement Process

While many people ending their marriage wish to dissolve it quickly, acting too quickly or making rash decisions is not recommended. High net worth divorce proceedings will take significantly longer than regular divorce proceedings and hastily reaching agreements can result in one person making huge sacrifices simply to expedite the process. Just as it isn’t recommended to rush into a marriage, it isn’t advisable to hurry out of one.

5. Don’t Sell Yourself Short

It is easy to become intimidated by your spouse and their team of divorce lawyers, but it is important to fight for your equitable share of assets. If you are entitled to alimony payments, take them. You never know what life will throw at you and how much that could influence your future.

6. Don’t Fight to Win Every Battle

While you don’t want to give in to an aggressive spouse, you also don’t need to win every battle. There are going to be certain assets that you will have to walk away from. It is important to have a conversation with your divorce attorney at the early stages of the divorce to determine what you value most and what is worth fighting for.

7. Don’t Forget to Update Your Estate Plan

It is important to update your estate plan after major life events, including a divorce proceeding. Lonich Patton Ehrlich Policastri’s team of qualified family law and estate planning attorneys has the resources you need to offer you the best solution for estate planning after a divorce.

8. Don’t Bypass Hiring a High Net Worth Divorce Attorney

The 5 high net worth divorce partners at LPEP Law

Divorce attorneys who specialize in high net worth divorces are going to be more expensive than regular divorce attorneys because they are more qualified, reputable, and have more experience with complex divorce litigation. While it is tempting to opt for the lower fee, being selective with who you choose to fight for your assets is an important step toward investing in your future. If you are facing a divorce with high stakes, please don’t hesitate to contact our offices today for a free 30-minute consultation on how to best protect your future.

Prenup Agreement in High Net Worth Marriage

September 22, 2021/in Family Law /by Gina Policastri

As common as they are, the potential of a divorce is something that engaged couples often don’t wish to discuss. Although, it may sound pessimistic to discuss prenup agreements, high net worth individuals may want to consider a prenuptial agreement so that a potential division of property later down the road is less stressful.

Who Should Consider a Prenup Agreement?

High net worth owners are highly advised to create a prenup agreement as they have more at stake in the event of a divorce. Additionally, business owners are encouraged to consider prenup agreements as well, as the division of a business is often a complex and contentious issue down the road.

Oftentimes couples sign prenup agreements not because they foresee a divorce happening, but because they want to quell family concerns regarding the distribution of assets down the road. Prenup agreements can also protect assets in the event of untimely death and may redirect funds to dependents or other family members.

What Are the Benefits of a Prenup Agreement?

As unromantic as it sounds, couples who at least discuss the option of a prenup often report that they feel eased by being proactive with considering their future. Sometimes the burden of a potential stressful divorce down the road can cause people to become anxious about marriage and can cause unwanted stress. Signing a prenup doesn’t mean that you want or anticipate a divorce, it simply means that you are aware that they are common and want to be proactive with making the distribution of assets less stressful for you, your partner, and your loved ones.

What Is the Process Like of Creating a Prenup Agreement?

As opposed to many divorces, creating a prenup is typically an unemotional process, similar to a business transaction. While it is significantly less stressful than most divorce proceedings, it is just as meticulous of a process. It is highly advised that both you and your partner hire an estate planning attorney so that you can ensure the agreement is fair and will distribute assets as intended. Additionally, it is highly recommended that partners be transparent about their assets and potential inheritances, as this will ensure that property is not overlooked.

How Do I Talk to My Partner About Creating a Prenup?

Although prenups are becoming more common, with an increase in the number of millennials signing prenup agreements, it is not an easy conversation to have. It is important to approach the subject with thoughtful consideration of the timing, place, and wording.

With any legal agreement, it is important, to be honest. Mentioning that it has always been something that was important to you and your family before you met your partner, or that you are following the advice of friends who have experienced a terrible divorce may help your partner have empathy for your request. It is also helpful to address the fact that a prenup agreement is significantly less timely, costly, and stressful than a complex divorce proceeding.

Approaching the agreement as equals is recommended. When both partners are involved with the creation of the prenup, there tends to be less concern and animosity with the legal agreement. Additionally, it is important to remind your partner that a thoughtful prenup benefits both partners as it reduces financial uncertainty for both parties. While it may temporarily create tension, many couples find that once they come to an agreement, they are able to move forward in their relationship.

If you would like to understand if a prenup is in your best interests, contact LPEP, an estate planning and family law firm in the Bay Area. Our team of dedicated professionals are committed to protecting your assets and have the resources you need to assist you with creating your prenup agreement.