Montebello prenuptial agreement lawyers

Posted By Aaron Denton, Uncategorized On August 25, 2020

The vast majority of couples who are about to get married do not consider the possibilities of eventually getting divorced. They are too focused on the love they have for one another. In many instances, they make money along with their partners and any eventual divorce proceeding would be handled without disproportionately harming one partner or the other. But for many other individuals, a prenuptial agreement is vital. An individual could have decades of their wealth at stake from any potential pitfalls in a marriage.

What is a prenuptial agreement?

A prenuptial agreement is any sort of agreement that is agreed to before marriage and dictates potential events during or after marriage. It is most common and relevant for couples who are trying to decide how assets will be divided after a marriage. The specifics of dividing assets in divorce can get extremely messy. Each party can accuse the other of illicit behavior in order to make a judge more sympathetic to their worldview.

They bring in lawyers who dig through every detail of their partner’s personal life. This effort causes an unimaginable amount of stress for each party involved. It mostly results from the fact that few couples even consider prenuptial agreements. They believe that such an agreement supposes that the marriage may not last and that any person who does not think their marriage will last should not get married in the first place.

But the prenuptial agreement is an effective way of mitigating the stress that occurs in a large minority of marriages. It is a legally enforceable document that says what each party receives if a divorce occurs. The prenuptial agreement is particularly relevant for the wealth that a person brings into a marriage before they are married. It can protect millions or even billions of dollars. Prenuptial agreements can also help determine custody battles. They are not completely airtight. But a lawyer has to bring a convincing case to a judge in order to have them thrown out or overruled.

Why is it helpful?

This document is incredibly important in order to reduce the stress and pressure associated with a potential divorce. For people who have already been divorced and are marrying again later in life, the specter of divorce is always present. They know that they stand to lose a considerable amount of assets if a divorce happens. This possibility can create a significant amount of tension in a marriage. It can color many of the disagreements that inevitably arise during even the most successful marriages. In addition, prenuptial agreements can help with marriage counseling. Individuals have less of a feeling that their life is over if they are forced to go through a divorce at some point.

What to do

Anyone who is looking to set up a prenuptial agreement should talk to a lawyer long before their wedding date. The lawyer will help them figure out what exactly they want out of the agreement. They can add in a number of specific clauses and concepts. A lawyer will help individuals realize whether or not these concepts will stand up in a court of law if the prenuptial agreement is ever challenged. If there are any issues between the partners, they should definitely try counseling.

Counseling will help them reconcile their ideas over the possibility and nature of divorce. Then, both parties end up drafting and signing the prenuptial agreement. It can later be modified to a certain degree while the parties are married. In a large number of cases, couples stay married and do not ever have to use these agreements. But if they do, they are simply entered into a divorce court and often serve as a roadmap for that court as they make decisions about dividing assets.

Conclusion

A prenuptial agreement is not a sign that a person thinks a marriage is doomed. It is not an action taken only by greedy people who want to protect all of their assets from possibly rapacious partners. Instead, it is often a logical, sensible choice for people who enter a marriage with considerable means. The most effective prenuptial agreements make it clear that both parties want the marriage to continue and be as successful as possible.

You Don’t Need to be Wealthy to Have a Prenup

Contrary to what many believe, you don’t have to be in the 1% to get a prenup. According to Rocketlawyer.com, a prenuptial agreement can protect you from responsibility for your spouse’s debts and additionally, it can prevent arguments if you end up in divorce. 

With a prenup, you have the ability to: 

  • Make decisions as to how your assets get distributed
  • Document the ownership of all the property in the marriage
  • Detail the separate property that each person brought to the marriage 
  • Determine the legal ownership of the real estate, assets and income that are acquired during marriage . 
  • Decide how you and your spouse’s finances should be handled in various scenarios 

Without a signed prenup , if you divorce or one of you passes away, the distribution of your assets will be handled in accordance with the divorce and probate statutes where you live or where you were married.

But do you need to be wealthy to be able to afford a prenup?

Not necessarily. 

How Much Does a Prenup Lawyer Cost?

According to U.S. News and World Report, the cost of a prenup is, on average, $2,500. The minimum amount couples can expect to pay is $1,200 to $2,400, but the cost can vary.  

Where you live will impact the cost of your prenup. In locations with a higher cost of living, such as the major American urban centers, you can expect to be charged more than people living in other places.

For example, the legal fees for negotiating and drafting a prenup in Manhattan can be from $7,500 to $10,000 per party, Kelly Frawley and Emily Pollock, partners in the Matrimonial and Family Law Department at Kasowitz Benson Torres LLP, explained to Business Insider.

Various other factors can affect the cost of your prenup. In some scenarios, the cost of negotiating and writing up prenuptial agreements can reach into the high five-figures in legal fees. Depending on what the parties are protecting, if negotiations become contentious, the quality of the attorney you select, and the client’s own socio-economic stratum.

Costs can also be based on the practice and reputation of the lawyer who is drafting the prenup. Bear in mind that it is very likely that you and your spouse-to-be will spend a similar amount on a prenuptial as you would for any foundational estate planning documents, such as trusts, wills, and powers of attorney. 

GoBankingRates says, “Prenup price estimates are all over the map. One California firm says the average prenuptial agreement its attorneys write costs between $2,000 and $6,000 per person.”  Some attorneys charge a flat rate, while others charge by the hour. “If you have no money, you have no prenup,” they said.   Fees are changed regularly, so this should not be used as an actual quote. If you want a prenup, contact a prenuptial agreement contact a seasoned family law attorney for a consultation.

The Potential Cost of a Self-Created Prenup

You can write up a prenuptial agreement without legal counsel.  If you opt against getting a lawyer for this, you can follow a template instead.  Nevertheless, you may make an error or omission  in the absence of an experienced lawyer that makes it impossible to later enforce the prenup. 

Although you are at liberty to create a prenup on your own, getting a prenup in California signed, and enforced at a later date, may cost you legal fees.  Largely, courts place premarital agreements in favorable light. Even so, some scenarios exist in which your prenup cannot and will not be enforced.  

If any type of coercion at signing can be demonstrated to a judge, for instance, then the prenup is no longer valid.

For courts to find that a signature was actually voluntary, whoever was asked to sign must have either consulted with their chosen attorney, or they must have forfeited their right to have an attorney in writing.

If your prenup becomes invalid, your assets are at the mercy of the prevailing legislation.  That cost could be incalculable.