Protecting Your Assets With A Prenuptial Agreement
Getting married is a happy time, with the couple enjoying the months leading up to the wedding. While this is a joyous occasion, it is also important to be realistic about entering into marriage. The two lives will be entwined, and finances will become one. Before you get married, it may be a good idea to consult with an attorney about a prenuptial agreement to protect the assets and property you are bringing into the marriage.
At Klausner | Johnson LLP, we help our Orange County clients see that having a prenuptial agreement is not a sure sign of a future divorce. On the contrary, a prenup is a smart way to protect yourself in the event that something does happen. Our firm works closely with clients to draft, review and negotiate prenuptial agreements. It is important for individuals with significant assets to have a prenup to ensure that they are not financially ruined by a divorce.
Why You Should Have A Prenuptial Agreement In California?
In our community, homes, personal property, cars, vacation homes and more are high-end luxuries that many people possess. California is a community property state, which means that, if a divorce were to take place, property and assets are divided 50-50. While your separate property remains as such, it may be at risk if community property funds were used to support the separate property or assets.
A prenuptial agreement can detail which property and assets are yours and will remain 100% yours if a divorce occurs. It can also be drafted to cover any issues – as well as reduce problems – that may arise down the line regarding your separate property and assets.
What Is Required By A Prenup?
Finalizing a prenuptial agreement in California is not as simple as just signing the document. Before it can be made valid, the spouse signing must have:
- Received thorough financial details about the other spouse
- Had a minimum of seven days to review the documents before signing or the chance for a lawyer to review the proposed agreement
- Been represented by legal counsel different than the attorney representing the other spouse
If these criteria have been met, then the agreement can be finalized. However, there may be negotiations in the meantime between attorneys regarding the terms of the agreement. Once both parties have settled on the terms and agreed, the document can be signed and becomes valid.