You have likely heard about prenuptial agreements and how they have become associated with celebrities and the very wealthy. Unfortunately, these contracts are often seen in a negative light when they should be viewed objectively. Prenups can provide many benefits; these are benefits that can apply to not just the affluent but anyone. They may especially apply to those entering second or subsequent marriages, blended families, older couples, and those with businesses and other assets they have spent years building prior to marriage.
Prenuptial agreements are drafted prior to your wedding day, go into effect when you marry, and stay in effect until the event of divorce or death kicks in. At that point, their terms and conditions are then carried out. Those terms and conditions do not give one or the other party an “advantage” over the other. They generally lay out how assets, debts, and financial matters will be handled; these matters have been discussed beforehand after full financial disclosures and legal advice on both sides.
Thinking about a prenup? Contact Cage & Miles, LLP at (858) 943-2060 to schedule a free consultation today.
More About Prenups in California
When thinking about a prenup, you could compare it to a will. It is like a document that lays out your instructions as to how to your assets will be divided in the event of death or divorce. For example, you may wish to protect inheritances that you have set up for children that you are bringing into a second marriage or you may expect to receive an inheritance from a great-aunt sometime in the future. You would then disclose these facts and have provisions written into the agreement as to how these matters should be handled.
Because prenups are about disclosure and negotiation, another benefit is that you and your soon-to-be spouse can discuss these financial matters before marriage when you are on the best of terms. Your discussions about them can engender trust, honesty, and agreed-upon expectations. It will be happening at a time when you are not under the pressure of divorce, at a time when you can carefully consider the unique circumstances of your financial situation to determine what is best for you and your family.
Prenup discussions can resolve problems and uncertainties that could arise later and become more complicated and worsen because they were never originally addressed. Essentially, a comprehensive and carefully drafted prenup can allow you and your partner to begin your married life with certainty, without reservation, and with prediction.
Without a prenup, should divorce occur, highly-charged emotions can get in the way bringing forth bitter conflict and lengthy and expensive litigation. This ends up creating anxiety and stress in court as you face a judge who will have all the power in making decisions that could impact your life and the lives of your children forever. Those decisions will be about vital financial matters that could have been rationally made between you and your spouse well beforehand.
Ready to Learn More About How a Prenup Can Help?
Prenups need to be drafted and finalized according to legal standards so that they can become legally binding. If you need legal advice regarding a prenup, you should seek it well before your wedding so that it is legitimate and valid. At Cage & Miles, LLP, our legal team is here to give you the counsel you need in preparing such a contract. Our team is dedicated to providing you with outstanding advocacy that will protect your legal rights and best interests.
Contact our firm at (858) 943-2060 to arrange to speak with a family law attorney today.