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Anticipated issues can be addressed in a prenuptial agreement

California couples who are considering marriage may find that one of them is less proficient in the management of personal finances. What happens when a person with a high credit score marries one with a low credit score? This will naturally be a matter of concern for an individual who wants to ensure that his or her score is not adversely affected by that of a partner. It is best to address such concerns before marriage, as it is not uncommon for a divorce to follow financial disagreements. For some, a prenuptial agreement may be the answer.

The individual credit histories and scores of married couples remain separate and will never be merged. However, a spouse's bad credit habits may be detrimental in certain circumstances. If couples open joint bank accounts, or if they co-sign for mortgages or car loans, the credit histories of both parties will come into play. If a spouse fails to make payments on time, the other spouse's credit score will be adversely affected.

It may be beneficial to discuss such concerns with an experienced family law attorney. Such a professional will provide invaluable advice on how a prenuptial contract can protect the interests of both parties. For example, a spouse with a high credit score may wish to put only his or her name on loans, making the other spouse fearful of losing out if divorce were to ever become a possibility. Concerns such as this can be addressed in a prenuptial agreement to ensure fair distribution of assets in the event of a divorce.

In cases in which such problems become evident after marriage, an experienced family law attorney can also guide a couple through drafting a postnuptial agreement. Professional guidance can assist you as you work out out how to handle your finances separately, while developing strategies that will protect your assets. While signing such an agreement has no bearing on the success or happiness of a marriage, it can provide protection for both spouses in the event of a divorce. More information how a postnuptial or prenuptial agreement can benefit you is available on our California family law website.

Source: The Washington Post, "When marriage is a union of different financial styles", Michelle Singletary, Dec. 9, 2014

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Victoria S. Linder Law Office
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Sacramento, CA 95819

Phone: 916-905-4805
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