As you and your fiancé begin planning your wedding and thinking about your future together, speaking to a lawyer about a prenuptial agreement may be the furthest thing from your mind. However, prenuptial agreements can provide you with the financial security you need to go into your marriage with confidence.
The purpose of a prenuptial agreement is to protect your assets, as well as the assets of your soon-to-be spouse, if you ever get a divorce. Under the Uniform Premarital Agreement Act (UPAA), California couples sign the prenup with the understanding that the agreement will go into effect when the couple gets married. The UPAA also lays out specific requirements for your agreement to be valid, including voluntary signatures from both parties and a written contract.
Advantages for a prenup
California is a community property state, meaning that martial property will be split evenly between you and your spouse in the divorce. In many cases, separate property and individual debts brought into the marriage can become marital or community property during the course of the marriage due to commingling funds or other factors. A prenuptial agreement can help you hold on to your individual assets in the event of a divorce.
A prenuptial agreement can be advantageous in that it:
- Prevents separate property from becoming marital property
- Prevents one party’s debts from becoming marital debts
- Helps avoid costly litigation in the event of divorce
- Helps couple avoid conflict during the divorce
Newly engaged couples may find it hard to even consider the possibility of splitting up, but the reality is that divorce is a possibility for even the happiest of couples. A prenuptial agreement can spare you and your future spouse a lot of stress and financial instability. A family law attorney can help craft a valid agreement to protect your assets and give you peace of mind as you enter life as a married couple.