Santa Clarita Prenup Agreement Lawyers
A prenuptial agreement is vital for any couple intending to exchange the vows and couples facing divorce. People with a high net worth prefer to have a premarital agreement. It would help if you understood the prenuptial agreement and how it works.
What is a prenuptial agreement?
It refers to a legally binding contract stating how spouses’ wealth and assets can be divided if you divorce. The agreement elaborates if provisions for spousal support, property division, and the party responsible for the debts incurred during the marriage period. There are several implications of a prenuptial agreement.
The importance of a prenuptial agreement
1. You protect your assets
In the event of a divorce, the law has particular directives about alimony and property division. If the couple had a prenuptial agreement, the court of law is likely to use the agreement when issuing decrees about spousal support and property division. In a way, you get to keep what belongs to you as per the agreement.
2. Your spouse owes significant debts
One of the reasons that should influence you to sign a prenuptial agreement should be when marrying a heavily indebted person. When a divorce occurs, chances are you will inherit your partner’s debts. It’s critical to discuss debt concerns before marriage, as the prenuptial agreement indicates how it will be paid.
3. Provides financial security
When one spouse is wealthier than the other, the prenuptial agreement ensures the partner’s financial stability. Significant net worth can refer to the premarital agreement concerning the duration of spousal support and how much should be given for alimony. Like a wealthy spouse, the spouses with little income or wealth assures the partner of financial security through the prenuptial agreement.
4. Protects your business and assets
A prenuptial agreement comes in handy for business owners who are facing divorce procedures. Your ex-spouse could interfere in your business if you disagree on their involvement in your business. A prenuptial agreement helps handle issues that arise from operating your business effectively, such as the decision-making process.
5. The implications of a prenuptial agreement
Each party should be aware of the implications of the agreement and should sign willingly. The court can only enforce the agreement if both parties understand the agreement, and none of them was forced to sign it. Individuals with a high net worth should agree to the financial implications in the event of a divorce.
An enforceable agreement should be done before the wedding so that it doesn’t appear like something either party was forced to sign. The agreement should also indicate how children (including those from previous relationships) should be taken care of and what they can receive from their parents of a divorce pushes through. The prenuptial agreement should have a spouse provision in the event of death, especially when one party is wealthier.
You can also limit your ex-partner’s access to a particular property or business. In the agreement, you can also determine how property acquired within the marriage can be operated and who will assume ownership. A partner can request a lawyer to help negotiate for more benefits before signing the agreement.
6. What you should know about a prenuptial agreement
State laws govern the process of a prenuptial agreement. Both parties should be represented by a lawyer who has expertise in divorce issues. Here is a look at what you need to know before signing a prenuptial agreement.
7. Prenuptials’ basics
The agreement is binding when death or divorce occurs. The validity of and enforcement of the agreement is subject to the state’s law (where the parties got married and where they live). Most parties seek law provisions that would favor them in the event of a divorce.
The parties must be open about their net worth and assets. Several factors, like the duration of the marriage and the amount of wealth, dictate the agreement’s fairness. For instance, couples who have been married for several years get significant benefits compared to a couple who have been married for barely a year.
9. Exclude premarital assets in the agreement
It is in the party’s interest to fully disclose their assets. However, any assets acquired before marriage do not feature anywhere in the agreement unless when the parties agree otherwise. If you include premarital assets into the prenuptial agreement, you may feel unfairly treated when part of the assets are given to your ex-partner.
10. Special provisions
Your agreement would help it covers special provisions such as who takes responsibility for particular assets when one spouse dies. On the other hand, a prenuptial agreement cannot determine child support obligations (the law ensures there is a provision of child rights after a divorce).
11. Get legal counsel
Each party should have a legal representative. If you have one attorney, chances are he would be biased. Prenuptial agreement lawyers interpret the implications of the agreement, negotiate for more, and ensure you get what is rightfully yours in case of a divorce or death.