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New wealth can be protected through a prenup

Everyone dreams of having a million dollar idea that makes them rich. In this current age of tech and the growth of app development, some young California professionals are experiencing just that aspiration. One great idea that draws in consumers can become a billion dollar entity in the blink of an eye and turn an average incomed individual into a millionaire overnight.

In most cases, though, wealth is acquired over time. Readers may look to their parents or grandparents to see examples of how hard work over the decades may grow into a comfortable nest egg that a person and their spouse might retire on. When drafting laws on divorce and community property, legislators took into account this slower, methodical acquisition of wealth, and that is why when a California couple divorces it is considered fair for them to split that which they acquired during the course of their marriage.

Community property laws can have a huge impact on individuals who strike it rich with fast acquisitions of wealth after they say "I do". Consider, for example, a young couple who marry and a few short months later experience a financial windfall when one of the partners sells a new smart phone application. Since that windfall happened during their marriage, it would be divided evenly if the couple ended its union in divorce; the presence of a prenuptial agreement may help individuals in this modern dilemma to hold onto more of the wealth they earn during their marriages.

Any couple can benefit from working through the details of their finances in a prenup, but emerging fields of work have introduced the element fast cash to the lives of some young professionals. To learn more about how a prenuptial agreement may serve one's financial expectations, it can be useful for readers to consult with California family law attorneys.

Source: sfchronicle.com, "A prenup primer: What Silicon Valley couples should consider," Carolyne Zinko, Jan. 25, 2018

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