San Mateo California Family Law Blog

Planning for an upcoming wedding is an overwhelming ordeal. California couples spend hours upon hours selecting the right venue, picking the perfect date, sending out invitations and planning every last detail of their perfect day. Few, however, look ahead to something else they may want to plan for -- property division in the event of a divorce down the line. Although prenuptial agreements may feel distinctly unromantic, having one can help couples who must later traverse through the emotionally-fraught divorce process. 

Although there is still some lingering stigma around prenups, surveys indicate that more people are coming to appreciate them for what they are -- a family law planning tool. The American Academy of Matrimonial Lawyers reported that 62 percent of attorneys who participated in its study said that more of their clients were seeking help with prenups over the past three years. While experts understand that couples seem to be increasingly interested in prenups, many are still unsure of why this sudden shift in attitude is happening. This trend is especially confusing considering that millennials generally earn less than their parents did at the same age and are marrying far less frequently. 

Ending a marriage is often viewed as an all-out battle in which each side fights to be the winner. In reality, most California couples know that fighting over every detail is not always smart, especially when the stakes are high. Mediation is a more collaborative approach that may be appropriate for those going through a high asset divorce. 

As an alternative dispute resolution, mediation gives divorcing couples the opportunity to negotiate their own settlements and agreements. Couples who choose mediation typically have much greater control over the process than those who choose a more standard approach. If you and your soon-to-be ex are on roughly the same page about things and decided to divorce on relatively good terms, this process can also be quicker and cheaper. 

Comfortable, but not quite wealthy -- that is what one family law expert says is the sweet spot for fighting during divorce. For California residents who are embarking on a high asset divorce that involves anywhere between $1 and $5 million in money and assets, the chances of fighting throughout the process are higher than for those who have both more and less. Although this might seem counter-intuitive, there is some evidence to back it up. 

In general, $1 million gives families a sense of financial comfort, at least that is according to the Schwab Center for Financial Research. But what happens to that comfortable $1 million when it gets split up during a divorce, particularly when some of it is allocated for specific payments, like alimony or child support? Suddenly, it is not so comfortable anymore. 

California parents have no legal obligation to pay for their children's college education. Still, many choose to help their kids cover the costs anyway. But what about after a divorce? Most people already know that they need to address topics like child custody and support, but not many take the time to come to an agreement about paying for college. 

If most parents end up helping their kids pay for at least some of their college, what is the point of putting an agreement down on paper? Since there is no legal obligation to pay for higher education, a parent who needs help paying for a child to attend school will probably not have any legal recourse if the other parent is asked and refuses to help. Getting everyone's agreed-upon contributions down in a divorce settlement can ensure that neither the child nor one of the parents will end up in a difficult financial position.