I read an interesting article here (which I am reposting) about the benefits of having a prenuptual agreement. It may be something you consider if you do not want to go through a litigous Orange County or Los Angeles County divorce.
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What is a prenup?
A prenuptial agreement is a contract created and signed by two people before they get married. Often referred to as a prenup, the contract usually specifies what each person's property rights will be if the marriage ends. In order to do this, each person must list all the property he owns as well as any debt. This helps establish what individual assets and debt each person brought into the marriage.
Prenuptial agreements tend to be more popular with people on their second or third marriages. That's not because these people trust the institution of marriage any less, but because by the time people are on their second or third marriage, they have had time to accumulate more wealth and, therefore, have more to lose in a divorce.
Why have a prenup?
A prenup can provide several advantages. It can protect each spouse from the debts of the other. Without a prenup, creditors could turn to marital property to satisfy the debts of just one spouse, even premarital debts. This can be especially useful in today's economy, with so many people entering into marriage with substantial student loans. A prenup can provide for children of a previous marriage if you want to make sure that your children inherit your property. A prenup can establish your own rules for property division and avoid potential disagreements.
Reasons not to have a prenup
In the author's opinion, there are two main reasons couples do not want to get a prenup. First, prenups do not come across as very romantic. When a couple is preparing for a wedding and talking hearts and flowers, bringing up a prenup can be a real buzz kill.
Second, not all couples need a prenup. If you or your fiancé answers yes to any of the following questions, then you might consider a prenup:
--Do you own any real estate?
--Do you own more than $50,000 worth of assets other than real estate?
--Are you a business owner?
--Do you currently earn a salary of more than $100,000 per year?
--Do you have valuable employment benefits, such as retirement benefits, profit-sharing or stock options?
--Do either of you plan on earning an advanced degree while the other works to support the family?
--Do you want all or a portion of your estate to go to your children rather than your spouse?
If you did not self-identify with the above questions, then you may not need a prenup.
If you and your fiancé decide to draft a prenup, give yourself plenty of time between drafting the documents and the date of the wedding. Take your time and make sure the prenup is tailored to your specific circumstances. Additionally, it is recommended that each person have his own attorney review the prenup to ensure his own personal interests are represented.
Indeed, according to California Family Code Section 1615, it states as follows:
"(a) A premarital agreement is not enforceable if the party against whom enforcement is sought proves either of the following:
(1) That party did not execute the agreement voluntarily.
(2) The agreement was unconscionable when it was executed and, before execution of the agreement, all of the following applied to that party:
(A) That party was not provided a fair, reasonable, and full disclosure of the property or financial obligations of the other party.
(B) That party did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided.
(C) That party did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
(b) An issue of unconscionability of a premarital agreement shall be decided by the court as a matter of law.
(c) For the purposes of subdivision (a), it shall be deemed that a premarital agreement was not executed voluntarily unless the court finds in writing or on the record all of the following:
(1) The party against whom enforcement is sought was represented by independent legal counsel at the time of signing the agreement or, after being advised to seek independent legal counsel, expressly waived, in a separate writing, representation by independent legal counsel.
(2) The party against whom enforcement is sought had not less than seven calendar days between the time that party was first presented with the agreement and advised to seek independent legal counsel and the time the agreement was signed.
(3) The party against whom enforcement is sought, if unrepresented by legal counsel, was fully informed of the terms and basic effect of the agreement as well as the rights and obligations he or she was giving up by signing the agreement, and was proficient in the language in which the explanation of the party's rights was conducted and in which the agreement was written. The explanation of the rights and obligations relinquished shall be memorialized in writing and delivered to the party prior to signing the agreement. The unrepresented party shall, on or before the signing of the premarital agreement, execute a document declaring that he or she received the information required by this paragraph and indicating who provided that information.
(4) The agreement and the writings executed pursuant to paragraphs (1) and (3) were not executed under duress, fraud, or undue influence, and the parties did not lack capacity to enter into the agreement.
(5) Any other factors the court deems relevant."
Contact an Orange County divorce lawyer to assist you in drafting a Prenuptual Agreement. It could likely save you thousands of dollars in the event of a dreadful divorce.