El Monte prenuptial agreement lawyers
What Is a Prenuptial Agreement?
Prenuptial agreement is also known as a premarital agreement, prenup, antenuptial agreement. It’s a written contract by a couple before marriage or civil union, highlighting the legal claims on their respective assets Upon divorce.
Things to Know About a Prenuptial Agreement
A prenup is a private agreement. Every state has different laws on premarital agreements that apply depending on where the marriage took place, where the couple lived, and the law the contract is to use.
The agreement is a civil matter, and the couples must be open to disclosing their assets fully. Every party should have their lawyer to represent them during the agreement drafting. The surrounding circumstances of the couple determine the fairness of the contact.
If there was no mention of Alimony during the prenuptial agreement, no party is obligated to seek it from the other person upon divorce. In the event of death, parties are allowed to leave property to whoever they want with provisions for the widowed. A premarital agreement does not provide for or limit children’s rights and support. You cannot give up your children’s rights because the courts do not allow. After marriage, the prenuptial agreement is open for couples to revoke or amended when the need arises.
Issues Addressed on a Prenuptial Agreement
- Debt allocation upon divorce
- Division of assets in the event of divorce
- Property ownership and use upon divorce
- Alimony payment
- The state law to apply upon divorce
- Trust and will fulfill obligations on assets distribution upon death
What isn’t covered by a Prenup
A Preup doesn’t include any personal details. The prenuptial agreement aims to address financial issues. Anything that is not financial such as child-rearing, relationship with other relatives, holidays and vacations, and other domestic matters aren’t involved in the agreement.
A prenup does not encourage divorce. The judge is cautious about the prenuptial agreement and takes time to go through to ensure there are no provisions encouraging separation. If any provision is detected, the deal is withdrawn.
A prenuptial agreement prohibits any illegal provision. If you include unlawful things, you are putting the documents at high risk, which the judge sets aside and declares it void. Ensure every information placed in the agreement is viable.
Important of Prenup
Many divorce cases occur due to communication and financial issues. Finances being on the top list, consider a prenuptial agreement for better communications concerning your investments. You will be able to save your marriage with guidelines on how to use your finances.
A party can protect his or her assets held before entering the marriage. With this legal claim, you have the right to your assets. If you were in a previous marriage and had a child, you can secure their rights on the agreement. This way, they will be able to receive their rights and shares upon death.
Upon divorce, you will protect your business from the other partner interference and avoid conflict that could run down your business. Following the death of a spouse, the other partner is limited to business ownership and access. The agreement determines the partner to take ownership of specified shared property and keep others within the family.
With a prenuptial agreement, you can protect yourself from significant debts that your partner could be having. Discuss matters debts because many people carry them within a marriage setting leading to misunderstanding. In the event of a divorce, you will not be liable for your ex-spouse debts because creditors rare prevented from going after your assets. When the agreement is complete, you can have peace of mind because you have played your part to protect you and your spouse’s asset in the event of divorce.
Why You Need a Prenuptial Agreement Lawyer
It’s essential to consult a premarital agreement lawyer to help you organize the information required to share with your spouse. With an experienced lawyer, you will have clarity on the facts you need to consider when creating the agreement. If you are in California, it’s essential to choose a lawyer in the same state because he understands the law requirement under these circumstances.
It can be challenging to draft a premarital agreement correctly to make legal and practical sense. With a lawyer, you are sure of the validity of the contract without raising any questions. It is not a guarantee for the court to enforce the agreement when you have not met the compliance requirements. The important thing is for the two parties to have full disclosure on substantial debts and assets.
The agreement can be unfair or favor one party over the other upon separation if you fail to consult an attorney. When drafting the agreement, you may lack the understanding of the terms included in the contract, which a lawyer knows. A California prenuptial agreement lawyer can help you draft a prenuptial agreement and advise you on the risks and benefits of the document in the event of divorce.