Whether you just got engaged or your wedding is right around the corner, before saying yes we recommend you read this post to ensure your assets are protected no matter what.
Premarital agreements are sometimes looked at as something bad and a thing that calls for a divorce, but in reality, are one of the best tools you can use to guarantee the safety of everything you have.
In this post, we’ll talk about premarital agreements and why we highly recommend you speak with a family attorney to get information about your specific situation before sealing the deal with your partner.
What Is A Premarital Agreement?
You might have heard the term premarital agreement in many places, but what really is it? In simple words, it is a contract signed between the two parties before getting married to state the regime of ownership of each person’s assets in case of a divorce as well as their management during the union.
There’s a lot of information, and misinformation, about premarital agreements, especially in the State of California. There’s nothing wrong with getting advice from a family attorney to educate yourself about premarital agreements, or prenuptial agreements as they’re also called.
The more you know about the law and how it can affect your assets when getting married, the more prepared you can be as a couple. No matter where it is placed or who did the work to acquire it, all income received during a marriage is considered community property.
Unless you and your future partner agree that this is not what you want and you create a contract that applies to both of you in the case of a divorce or even death and spells out what belongs to each of you separately and what belongs to the community.
What To Consider Before Getting Married
After getting engaged, it is normal to get super excited and start planning the wedding right away, but as a family attorney specializing in premarital agreements, I highly recommend you talk about your assets and the possibility of consulting a lawyer for family legal services.
Drafting a premarital agreement while planning the wedding does not have the best reputation, which is why it is best to dive deep into what you’ll do with your money, properties, and decisions during your marriage and what could possibly happen in case of a divorce before doing anything else.
Unlike what many people might think, there’s nothing wrong with talking about a premarital agreement with your partner, and it doesn’t mean you’re planning to get divorced. Instead, it is all about educating yourselves about what community property implies, what the law already protects, and what you can safely keep despite your love story.
Most individuals going into their second or third marriage claim that learning more about premarital agreements is one of the best things you can do for yourself, your assets, and your children.
Key Things About Premarital Agreements Not Many People Know About
When it comes to premarital agreements, you should always consult a family attorney before signing anything or even begin drafting your agreement.
You might have heard about Barry Bonds’ case where he consulted an attorney but his wife-to-be didn’t and signed anyway. When the couple split six years and two kids later, the wife was left with absolutely nothing.
What’s more, there’s a seven-day period you have to respect before signing the prenup. The parties have to wait seven days before they’re allowed to sign the agreement, this way both have time to carefully read and consider the magnitude of the contract before sealing the deal.
Premarital agreements are not a road to divorce or anything like that, but rather a tool couples can use to ensure their assets are protected during their union and after if something happens. These agreements can give couples peace of mind as well as avoid fights about what each one has. Plus, it is an act of education and respect for what both parties have.
Final Words
In this post, we talked about everything you should know about premarital agreements from a general perspective.
