Prenuptial agreements are about the property rights of two people who are about to marry.
Under California law, your prenup will address both marital property and property you both own separately. Where does your vintage Jaguar fit in?
Planning in advance
When you are planning a wedding, the last thing on your mind is the possibility that your marriage will someday end. However, if there are already assets to consider, creating a prenuptial agreement simply a matter of taking precautions to protect yourself if divorce should occur. In California, there are certain requirements to meet before your prenup becomes valid:
– The signing spouse must receive full financial details from the other spouse
– The signing spouse must have at least seven days to review the agreement]
– He or she must have representation from an attorney other than the attorney for the other spouse
Understanding what it covers
Once you marry, much of the property you and your spouse own will become commingled. In the event of a divorce, the court will divide your property and assets 50-50. A prenuptial agreement, however, can define separate property, such as your beloved vintage Jaguar XJ6, and ensure that you will retain ownership of this vehicle and any other separate property. The prenup can also state which of you has the power to control or manage property and address the need to create a will or trust to carry out the provisions you write into the agreement.
Revoking the prenup
The prenuptial agreement is only enforceable if both parties enter into it voluntarily and have a full understanding of the terms. If you wish to make changes or revoke the agreement, you must do so in a written document signed by both you and your spouse.