From protecting your own financial future to providing for children from a former relationship, a prenup can help you and your future spouse to better manage your financial expectations and obligations regardless of how your relationship works out.
However, as in other states, in California, a prenuptial agreement may not hold up in court if it does not meet certain legal requirements. In addition to proper notarization and the presence of witnesses at signing, the law limits the types of terms a prenup can and cannot include.
What can a prenup accomplish?
Prenuptial agreements allow you and your future spouse to clearly outline what your respective rights will be regarding both your shared marital assets and any property you wish to keep separately owned. In addition to bank accounts, real estate and personal property, a prenup may protect investments or interest in a family business.
What can a prenuptial agreement not include?
Prenups cannot include terms that violate state or federal laws or that are substantially unfair to either party. Additionally, a prenuptial agreement cannot deprive a child of the right to future support. If the contract includes language that waives the right to spousal support, the waiving spouse must have had the benefit of representation by independent legal counsel before signing the agreement.
One of the biggest advantages of creating a prenuptial agreement is the opportunity to get to know each other’s financial circumstances and values before finalizing your marriage. When creating your contract, keep in mind that the prenup may not hold up if either of you has substantially misrepresented your assets, income or debts.The post A quick overview of California prenups first appeared on Leslie L. Abrigo, APC.
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