Before getting married, many couples discuss whether or not a prenuptial agreement is necessary for their particular situation. Commonly referred to as "prenups," these agreements can be beneficial in helping protect each spouse's assets in the event of a separation.
However, a negative stigma surrounding prenups still makes couples uneasy about entering into this type of contract. This blog will discuss all information about prenuptial agreements and why they may benefit your relationship.
What Do Prenuptial Agreements Protect?
The purpose of a prenuptial agreement is to protect any property or assets that one or both parties have acquired before marriage. This includes:
- Real estate
- Bank accounts
- Business interests
- Life insurance policies
- Personal belongings owned by either party before the marriage
It also outlines the rights of each partner in terms of assisting with debts incurred before the marriage. A prenup may include provisions like spousal alimony payments and inheritance rights.
In addition to protecting individual assets, a prenup can also help protect future assets. It defines what will happen if one spouse decides to start an additional business after the marriage or acquire more money through other means, such as investments or bonuses from work.
This helps protect both spouses from potential disputes that could arise due to differing opinions about who owns specific properties or businesses during a divorce settlement should the relationship end.
What Cannot Be Included in a Prenuptial Agreement?
Certain statutory prohibitions and public policy considerations cannot be included in prenuptial agreements in California. Generally, prenuptial agreements cannot contain anything illegal or against public policy, such as precluding a spouse from receiving their community property share.
Also, prenups can't include terms that would encourage a person to divorce, like an offer of payment after a spouse files for divorce. Additionally, only financial matters are typically enforceable under prenuptial agreements, so the court will likely not recognize any other promise between spouses.
It is essential to talk to an experienced family law attorney and carefully read any prenup before signing it to ensure it is consistent with applicable laws.
Why Should I Get a Prenup?
Many couples enter marriage without thinking about what would happen if things don't go as planned, but it's always better to be safe than sorry. Even if you feel confident in your relationship going into marriage, having legal protection in place can provide peace of mind and financial security if anything changes.
Additionally, it could save time in court if you and your partner cannot agree later on down the road.
Moving Forward With Prenups Before Saying “I Do”
It's essential for both parties involved in the agreement to have their attorney to ensure they are fully protected under the law and have their best interests considered while drafting the agreement itself.
Additionally, couples should discuss all topics related to their finances honestly and openly so that both parties know exactly what they are signing up for before signing on the dotted line.
Getting Started With Your Prenuptial Agreement
If you have decided to pursue a prenuptial agreement with your partner, the first step is figuring out where to start!
The best option is usually an experienced family lawyer who can answer any questions about the process and help guide you through creating an airtight document that both parties agree on before signing.
Once everything is finalized, all that's left is finalizing all other wedding preparations!
Related articles you might find helpful: Why Should I Get a Prenup?
If you plan on getting married, consider speaking to an experienced family law attorney at Family Law San Diego to discuss how a prenuptial agreement can benefit you and your spouse. Contact us online or give us a call. (619) 577-4900