Before you and your partner say “I do,” there are things you’ll want to consider extensively. One of these considerations is whether or not a prenuptial agreement is right for you. Unfortunately, this contract can leave a sour taste in the mouths of many, despite all of the benefits it can offer. If you and your spouse are preparing for your wedding and have decided a prenup is right for you, you can take steps with the help of Los Angeles prenuptial agreement attorneys to ensure the contract is fair for both parties.
What Is a Prenuptial Contract?
A prenuptial agreement is a contract that two parties enter into before they are legally married. This helps create a guideline to determine how a couple would divide their assets in the event they get divorced.
California follows community property laws, meaning if a couple divorces, all marital property and assets will be distributed evenly, regardless of whether one spouse contributed more financially to the relationship than another. Instead, a prenup details how these assets will be divided between the spouses without the state stepping in to distribute them.
However, they also provide insight into how the couple’s finances will work during their marriage. For example, they may decide it’s best to place a portion of their income into a shared bank account meant for household expenses, while the rest of their paycheck will be placed in a separate account for personal use.
What Makes It Fair?
Generally, a prenup is only fair if both partners feel respected and heard during the process of creating one. This starts with ensuring financial transparency among the spouses, as each party must submit information regarding their bank accounts, investments, real estate, and retirement funds. Failure to disclose some of this information may result in a prenup being ruled invalid.
It’s also important to be realistic. Unfortunately, many couples are not ready to negotiate during this process, which can lead to high tensions. Instead, staying reasonable in understanding what you’re entitled to and what your spouse should retain during the divorce is essential.
You should also make sure this process occurs well before the wedding, as one party may feel pressured into agreeing to terms. If creating a prenup falls too close to the date of your wedding, an unhappy partner may feel like failure to agree could lead to calling off the wedding and conceding, even if they do not agree with the terms detailed in the document.
If you and your spouse have decided a prenuptial agreement is right for you, it’s imperative to have legal representation. Unfortunately, many people try to navigate this process on their own, which can lead to significant issues. Instead, contact the Zitser Family Law Group for assistance in creating your prenuptial contract. Reach out today to learn more about how we can help you through this process.