Given the unfortunate economic conditions of our state, the concerns of cost conscious newlyweds thinking about prenuptials will more likely toward their eventual debt relief needs than any worries over investments or shared property.
For states like California that feature such a large and dynamic population, there’s arguably no such thing as a typical prenuptial agreement. Depending upon the relevant household income at the time of the split, the just and formal determination of even a few thousand dollars in credit card debt could make quite a difference in terms of the financial security of the newly divorced. Much as thinking about the worst case scenario may be the last thing that any prospective bride or groom wants to consider while planning what’s supposed to be the happiest day of their lives, one cannot ignore the overwhelming statistical evidence suggesting that the majority of even those unions entered into with the best of intentions are bound to end in separation.
Love requires a certain suspension of disbelief, sure, and, in the rush to avoid bankruptcy, a refusal to share any aspect of the household earnings with your loved one could well spur onward lingering feelings of resentment. Mistrust over matters of domestic economics could easily become a perpetual source of discord. All the same, in the weeks and months leading up to the ceremony, it would be a mistake to not at least ponder the past borrowing history of your presumed life partner and question whether or not some degree of enlightened debt relief (debt settlement negotiation, say) would be advisable prior to the blessed event.
If, to take one common example, the prototypical good provider – fundamentally stable, unbroken employment, healthy savings account, top tier FICO credit scores, and a minimum of credit card debt – allows opposite financial instincts to attract, what initially sparked romantic inclinations could also be its undoing. “If you’ve spent most of your adult life stuck in responsible patterns of spending and always made sure there was enough money on hand for emergencies, it might be fun for a while to take a walk on the wild side, but you’re going to eventually end up returning to your old habits,” says Vivian Coutier, a longtime financial planner for couples in the greater Los Angeles area.
Looking beyond the heights of passion that originally led to your engagement, “you’ll find that the most successful marriages understood from the beginning that they were entering into something like a business contract with their proposal, and, for any enterprise, you need to be completely open with your partner about your own needs and expectations.” More than anything else, Coutier adds, you need to be utterly transparent about your current levels of consumer obligations and the realistic chances that some degree of credit card debt relief or even debt settlement would be necessary before fully enjoining destinies. “It’s really easy to start lying about your credit card debt – or even dodging the truth – so you don’t disappoint your fiancée, but the truth will come out. For couples serious about making their marriage work, the bride or groom holding excessive debts should not only agree to a prenuptial, they should insist on it!”
Article Source: http://www.articlesbase.com/personal-finance-articles/california-prenuptials-marry-in-haste-forge-debt-relief-in-leisure-4693920.html
About the Author
My name is Cole I am a professional in the financial fields of bankruptcy and debt settlement.