In places like Silicon Valley, high-asset divorces are not uncommon. On top of that, many people decide to get divorces after they come into money; as some say, money changes people.
Silicon Valley is a great place to look when you want to see how assets may be handled in court. Things like stock investments, employee perks and salaries all make a difference in a divorce. It’s likely because of the money people could come into that prenuptial agreements are such a big deal in the valley.
California recognizes all marital property as community property. That means it’s divided 50/50. Assets earned during the marriage are included in that community property, and that includes the millions or billions of dollars some have made launching start-up businesses or new products.
When a divorce is filed, your assets are frozen until a settlement is reached. At that point, it’s in your best interests to come up with a settlement quickly, or else your funds could be locked up for years. That’s not great for people who like to invest in new opportunities. Avoiding this is possible with a prenuptial agreement. If your asset division plan is already decided, there’s little else that needs to happen with your assets, so you can keep them from being frozen for long.
Your attorney can help you draw up a prenuptial agreement to help you protect your assets. A good prenuptial agreement can prevent you from having to fight with your spouse when it comes time to go through a divorce, and it can save you thousands.
Source: The Guardian, “Big money, big ego, big bills: how to get divorced Silicon Valley style,” Olivia Solon, April 19, 2017
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