Prenuptial agreements can be a delicate subject to raise with your potential spouse. This discussion does not need to be awkward with the right approach, as it allows the parties to enter into their union with increased communication and a betterunderstandingof the expectations of one another. A prenuptial agreement lets the parties begin their new life together without uncertainty about what the future may bring.
A prenuptial agreement is a contract that the couple enters into prior to getting married. This agreement will establish at the outset how matters will be handled if the couple later divorces. It can also determine what will happen if any other specified events occur.
Theterms included in a prenuptial agreement can be flexible, with some exceptions. A prenuptial agreement usually determines how community property will be divided, terms of spousal support, whether spousal support will be made and how premarital debt will be characterized. The agreement can be custom tailored to accommodate the individual needs that a marrying couple may have and may include a “sunset clause” which specifies the termination of the agreement after a number of years of marriage.
Among other limitations, the biggest restriction to prenuptial agreements in California has to do with the well-being of the children of the marriage. A prenuptial agreement cannot eliminate or set child support amounts, child custody or visitation
When is it a good idea to have a prenuptial agreement? It’s never a bad idea to consider entering into a prenuptial agreement, especially if both people are interested. A prenuptial agreement can be helpful in many situations. Most often, the parties that are concernedwith getting a prenuptial agreement have financial disparity between them or it is a second marriage for one or both of the parties. When one spouse enters the marriage with significantly more assets than the other, a prenuptial can help the wealthier party protect his or her assets while assuring the other spouse that he or she will be treated fairly in the event of dissolution.
There are many legal requirements that must be met for a prenuptial agreement to be valid and enforceable. For example, among other things, the prenup must be in writing and signed by both parties, a full disclosure of assets and debts by both parties is required and both parties must have independent counsel or waive the right to independent counsel.
If these requirements are not met, the prenup may be determined void. The best way to ensure that your prenuptial agreement will withstand a challengeis to seek counsel from an attorney. An experienced family law attorney can customize a prenuptial agreement to you and your partner’s needs while ensuring that all of the legal requirements are met. At Davies Wegner Law, we take pride in our creative, caring and thorough preparation when assisting our clients in creating a prenuptial agreement. We understand that this can be an emotional process and we will be there for you every step of the way. Call us to set up a consultation to discuss your needs at 310-481-0300.