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Why You Need a Prenuptial Agreement

Friday, June 05, 2020

What do you think of when you hear the word, "prenup"? Maybe that a prenuptial agreement is only for the rich or for couples who really don't expect their upcoming marriage to last? 

The truth is that a prenuptial agreement provides a lot of benefits for everyday couples. It does not mean that you expect your marriage to fail or do not trust your partner. Instead, a prenup can provide peace of mind by honestly putting financial matters on the table before you say, "I do".  

First, What Exactly is a Prenuptial Agreement?

prenuptial agreement is a contract created and signed by two people before they marry. It outlines what will happen to their assets and debts if the marriage ends in death or divorce. Here are a few reasons that you and your partner might want to consider one.

Protects Children from Previous Marriage

If you have children from a previous marriage, then a prenup lets you spell out what property your children will receive when you die. It prevents a spouse from claiming property that children are meant to inherit.

Outlines Financial Responsibilities

Individuals entering into marriage may have very different outlooks when it comes to finances. For example, one might be a spender while the other is a saver. A prenup can outline exactly who has what financial responsibilities during the marriage and can help smooth tensions when it comes to managing household finances.

Eliminates Arguments in Case of Divorce

If the marriage does end in divorce, then a prenuptial agreement can eliminate arguments about how to divide assets. Indeed, all of that is already spelled out. This can help make an already difficult situation, less so.

Learn More About a Prenuptial Agreement

So, although a prenuptial agreement is not particularly romantic, it can protect the financial well-being of your children, outline financial responsibilities during the marriage, and reduce conflict in case of divorce.

If you are entering into a marriage and are interested in creating a prenup, then please contact us. Our team looks forward to working with you!

Prenuptial Agreements Can Become the Solid Foundation for a Lasting Marriage

Friday, September 27, 2019

Prenuptial Agreements too often are depicted as a form of distrust, with the assumption that one person does not fully trust the other. Other times, people assume the couple does not want to share any of the wealth they might hold. Neither assumption is true. Indeed, couples who have a healthy relationship are building a solid foundation in preparation for their union by agreeing to a prenuptial agreement. 

Marriage Is a Legal Contract

Besides being in love and wanting to be by each other's side for eternity, marriage is a legally binding contract. It is crucial to have an attorney involved with the agreement because an attorney can approach your marriage from a legal standpoint to protect your finances. Thus, eliminating any financial worries later on.

Making the Agreement Enforceable 

One of the key requirements of a premarital agreement is financial transparency. Full disclosure of both your assets and debts is a must. Otherwise, the notion that one person misled the other could surface and make the agreement invalid. It could create friction where there wasn't a problem.

Why Involve an Attorney

The law is complex at best, and there are laws in California that have certain requirements that must be met. There is a time-frame to consider before signing and the couple must understand completely all of the legalities before signing. An experienced attorney will ensure that the couple knows exactly what is involved and is in complete agreement before signing.

California law is very specific about premarital agreements, and if the agreement is one-sided, was signed too soon during the review period, or one of the parties waived the right to counsel, the agreement won't be enforceable later on. There are also special considerations having to do with spousal support or children if the couple plans on starting a family.

Learn More About Prenuptial Agreements 

If you and your fiance are considering a prenuptial agreement, please contact us. Our staff is highly educated and along with their experience gives them the expertise to ensure the beginning of your new life together will start on a rock-solid foundation to build a strong, healthy, and happy marriage. 

Will My Prenuptial Agreement Hold Up in Court?

Friday, July 06, 2018

Before any marriage, it is a good idea to consider the utilization of a prenuptial agreement. Although these agreements have a stigma attached to them where it looks like one spouse doesn't think the marriage will last, they are excellent tools in case it, in fact, doesn't work out. Often it works to protect both parties, but unfortunately, it isn't something that one spouse can use to give themselves an unfair advantage. A prenuptial agreement needs to be both reasonable fair and lawful in order for it to hold up in court. There are basic matrimony laws in which a prenuptial agreement cannot overcome. If you draft a prenup with gaining an advantage over your spouse in mind, there is a strong likelihood that it will be invalidated through the courts.

What You Can't Include in a Prenuptial Agreement?

If you want your prenuptial agreement to be upheld by the courts and not rendered invalid, you may want to avoid including certain aspects. Sometimes just certain parts of a prenuptial agreement may be rendered invalid, but if you put in too many inappropriate clauses, you risk the whole thing being thrown out.

  • Child Custody and Support - The court will always have the final say in decisions regarding child custody and the support provided by the other party, because it works in the best interest of the child and not the parents.
  • Right to Alimony - A prenuptial agreement cannot include a waiver for alimony in the event of a divorce.
  • Financial Incentives for Divorce - Despite the stigma, a prenuptial agreement isn't a document stating there will be a divorce, and thus it cannot have any financial incentives, or otherwise, encouraging divorce within. This also means detailing how assets will be split in the event of a divorce. Instead, it might be better to think a prenuptial agreement as a protection of assets you already have.
  • Rules About Personal Life - You want your wife to do the dishes every night? Is your husband in charge of all lawn work? While a comical and almost handy agreement, these sort of personal rules cannot be included in a prenuptial agreement. It limits personal freedoms and it will not hold up in court if you state that your spouse breached those terms.

So What is a Prenuptial Agreement For?

It is often better to think of a prenup as a protection for your current assets and not your future marital assets. For example, if you own family property or businesses, a prenuptial agreement can make sure they help stay in the family. It can also be a tool to protect a child's asset from a previous marriage or even protect yourself from a spouse's debt. Often in marriage, the assets are combined, but a prenuptial agreement helps make sure you retain what you had before in the event of a divorce.

If you want to learn more about prenuptial agreements or need representation in a divorce, contact us today.