Rancho Palos Verdes prenuptial agreement lawyers
The validity of a prenuptial agreement
It is important to ensure that the agreement you are signing is legally binding. There certain elements that determine the validity of a prenuptial agreement.
They include the following:
• Detailed financial statement: for a prenuptial agreement to be legally binding, it must have a financial statement disclosing assets and liabilities of all the spouses.
• Timing: It should be created and signed at least sixty days prior to the wedding
• Independent counsel: The attorney of each spouse must review the prenuptial agreement
• Signing: all parties must append their signatures to fulfill the Statutes of Frauds
• Fairness: The agreement should fulfill the reasonable needs of each spouse
Why are prenuptial agreements signed early?
The law generally favors prenuptial agreements signed without rush and hurry. This is to give every spouse ample time to make any changes before signing.
Is it possible to change a prenuptial agreement?
A prenuptial agreement can be changed, as long as both parties agree to do so. This can be done by adding amendments to the current prenuptial agreement or invalidating some parts.
Importance of a prenuptial contract
There are many reasons why prenuptial agreements are important. In the past, only rich individuals used to care about signing prenuptial agreements before tying the knot. However, things appear to have changed. https://www.divorcemag.com/articles/reasons-all-couples-should-get-a-prenup-before-marriage
Below are some of the reasons why it is important to have a prenuptial agreement:
1. Rise of the number of divorce cases
It is estimated that nearly 50 percent of all marriages result in a divorce. As such, it would be wise to have a prior agreement on how you will share your property and deal with other issues if things don’t work. Such an agreement will save a lot of push and pull when that time comes.
2. A divorce can lead to bad credit
This is not an exaggeration – a divorce can mess up your finances big time. For example, your spouse might force you through a court order to support him or her after a separation.
If he or she entered into a relationship with a lot of debts, then you will also be required to settle those debts. But with a prenuptial agreement, such occurrences can be avoided.
3. To avoid stress
A prenuptial agreement gives clear guidelines of how things should be done, in case of a divorce. For example, it may outline how assets accumulated during the marriage should be divided or whom to use as a mediator in resolving difficult issues.
4. Creates a win-win situation
A prenuptial agreement brings about an atmosphere of fairness, for both spouses. It eliminates the issues of one couple trying to exploit the other. For instance, if one spouse is wealthier than the other, a prenuptial contract will ensure that property accumulated before marriage is not counted as marital property.
5. A prenuptial contract protects spouses
Sometimes a couple might reach a point where they can’t bear with each other. Terminating such a marriage may take moths and cause stress and anxiety between the couple. But if there is an existing prenuptial agreement, a spouse can decide to end the marriage immediately.
6. A prenuptial agreement can shorten the divorce process
A divorce process can go on for months, if there is no prenuptial agreement. This is because one of the things that usually delays the process is the division of property. But if there is a prenuptial agreement indicating what belongs to each couple, then a case can be closed much faster.
7. It makes a lot of sense
A prenuptial agreement is the best decision anyone getting into marriage can make. With the high number of divorce cases, you aren’t sure if your marriage will last long. It would be good to craft an agreement detailing how assets and liability will be distributed in case things go south.
8. To protect your business
A divorce can totally disrupt a business. Your spouse may lay claim ownership to your businesses and create chaos and confusion. The best thing is to have a contract separating your business from marital property, in case of a divorce.