Glendora prenuptial agreement lawyers
Marriage has legal implications that affect a person’s assets and all possibilities have to be considered. In California, marriage is seen as a form of partnership. It practices a “community” concept for married couples. This means that when a couple marries, state law defines the respective obligations and rights each spouse has during marriage and divorce. This essentially means that assets and interests that were acquired during the marriage, including debt, on behalf of either partner, is considered to be part “of the community.” And, thus are split evenly when a divorce happens.
A prenuptial agreement allows married couples to change specific obligations and rights when it comes to their property interests. Without the prenuptial agreement, the Family Code of California would be imposed.
What is a Prenuptial Agreement?
Prenuptial Agreements, also known as “prenups” are contracts exercised by a couple before marriage. It serves two main functions in California:
1. It precludes the creation of community property.
2. It ensures that a spouse individual property before the marriage can remain separate, no matter what circumstances may arise that might create a community property interest.
This particular agreement allows couples to decide how to manage their individual and community property. It may also address a limitation or waiver of alimony if a divorce occurs. Particular topics such as child support and custody may also be discussed. Each couple along with their attorney can customize their agreements and create a structure that works best for them.
Community Property vs. Individual Property
Many couples feel safe using prenuptial agreements because it provides a greater sense of control over their individual property if a divorce comes to take place. Marital assets are considered to be all personal property that was accumulated over the course of the marriage. Things such as all types of belongings, real estate, businesses, are considered “premarital” individual property that cannot be distributed with the other party unless assets were commingled and built together during the marriage. An example is when a spouse adds the other spouse’s name on a deed or a premarital property.
In addition, inheritance or gifts given to one spouse will stay separate from the community/marital property. Having a prenuptial agreement allows the couple to choose their own terms, but without one, state law will determine how assets are split in a divorce.
The Distribution of Assets in California
Each state defines its own family law statutes. Community property states such as California divide all marital assets at 50/50 between the two spouses. The state mandates that all assets acquired from the beginning of the union belong to both partners. This favors the person that earned less because they are entitled to 50% of the assets even though they didn’t contribute the same amount financially. Therefore, to prevent this from happening, prenuptial agreements are popular in California.
What is Required to Validate a Prenuptial Agreement?
In California, prenuptial agreements have to be presented well written and with both party’s signature. Moreover, the agreement must be entered voluntarily and with full financial disclosure by both parties.
Both spouses have to enter the agreement on their own will, which means the agreement will become invalid if there is evidence of coercion or undue influence by either party.
The California’s Family Code a prenuptial agreement has to have the following:
1. Both partners must be present and be each represented by their attorneys.
2. If one party does not have legal counsel, he/she must make a written statement that they are fully and well aware of the situation and that they consciously give up their obligations and rights.
In Addition, family law in California requires a seven day waiting period after receiving the prenuptial contract that is to be signed. The seven days gives each person time to review all financial disclosure and agreement terms. It is highly recommended for each partner to seek legal support within those seven days.
An experienced family law expert will help you discern the agreement to understand your options.
During this time, it is advised to both parties that they find legal support from an attorney that specializes in family law. This will help each party fully understand the contract. And cover all their bases.