Prenuptial Lawyer In San Luis Obispo
A prenuptial agreement can be a useful tool for couples who are about to be married. If you and your partner have accumulated significant assets and/or debts, a prenup can help you plan how to divide your property and any debts between you in the event of a divorce.
Prenuptial agreements are becoming more popular than ever, with more people opting to sign them before getting married. Prenuptial agreements, once considered to be a luxury reserved for the exceedingly rich, are now widely acknowledged to be beneficial to persons of all socioeconomic backgrounds. When it comes to dividing up two people’s lives, divorce may be a difficult process to navigate through. If there are children in the marriage, divorce can be much more difficult. By drafting a prenuptial agreement, you can lay out a financial strategy for what would happen if your marriage were to end in divorce. If you have any questions or concerns about prenuptial agreements, please feel free to contact our prenuptial attorney at 805 Law Group anytime. We are always happy to share our knowledge and experience with others, and we look forward to hearing from you!
Structure of a Prenuptial Agreement
When a couple divorces in San Luis Obispo, the financial repercussions of not having a prenuptial agreement can be severe. The 805 Law Group’s prenuptial agreement lawyers are experienced in divorce law and know just how to draft a prenuptial agreement to secure our clients’ assets at all times.
Although the contents of a prenuptial agreement vary depending on the parties for whom we create a contract, some of the usual components include:
- Real estate, stocks, retirement funds, and other assets.
- Business ownership and interests
- Children from another marriage
- Disparate debts.
- Senior parents under your care.
- Inheritance proceeds
- Potential increase in income based on talent or intelligence
- Pursuing degrees in lucrative professions
Who Has the Authority to Draft a Prenuptial Agreement?
When it comes to prenuptial agreements in the state of California, both parties are required to have independent legal advice, unless one of the parties waives their right to independent legal counsel. The obligated party is required to seek legal advice from an independent attorney regarding the terms before entering into the prenuptial agreement. In the event that this is not done, the agreement will be declared illegal by the court system.
Is a Prenuptial Agreement Enforceable in California?
First and foremost, California law requires that all parties be represented by an attorney during the negotiation and finalization of a prenuptial agreement in order for it to be effective in determining all financial problems. Each partner must have their own independent legal counsel as a result of this provision; an attorney representing one individual cannot also defend his or her fiancé.
Furthermore, whether all parties entered into the agreement voluntarily would be taken into consideration by the court.
Modifications to child custody and child support arrangements will not be permitted since the judge will make specific choices based on the child’s best interests, rather than the views of the parents. These clauses will not be implemented even if a court deems that the agreement’s terms are “unconscionable” (i.e., overly unfair) or allow a court to examine personal conditions in the marriage (e.g., a clause compelling one partner to pay more in the event that the other cheats).
Community property and prenuptial agreements
When a couple does not have a prenuptial agreement in place in a community property state, each spouse retains the property they held prior to the marriage once the divorce is finalized. Separate property is the term used to describe this type of property. Any property that the couple acquired throughout the course of their marriage will be divided equally between the two of them. A prenuptial agreement allows couples to “alter the rules” and determine how their property will be divided among themselves in the event of a divorce before being married.
Consider the following scenario: A couple can agree that one spouse will keep the entire house while the other spouse will keep all of the assets in the retirement account. Normal distribution of assets would take place through a court of law between the spouses. Prenuptial agreements provide you the option of treating community property as separate property or separate property as community property, depending on your circumstances. You can also choose to waive or modify your right to inherit as long as it does not have a harmful impact on your minor children.
The Advantages of Entering Into a Prenuptial Agreement
One of the most beneficial elements of entering into a prenuptial agreement is the protection it provides for your assets. It is possible that you have amassed a considerable amount of distinct personal property and that you want to ensure that you keep that property following a divorce. A provision in your prenuptial agreement that specifies clearly which property each party will be entitled to keep can be inserted into it. If you do this now, you may be able to avoid expensive and difficult divorce litigation in the future.
Additionally, a prenuptial agreement can allow you to specify which debts are the responsibility of which partner. If your partner now has considerable debts, you may not be required to assume those obligations as a financial burden if you and your partner decide to divorce in the future.
In addition, a prenuptial agreement might save you and your husband a great deal of heartache in the future. As difficult as it may seem to discuss the possibility of a future separation during an engagement, talking about these issues now will spare you a lot of emotional suffering down the road. Instead of stressing about what will happen to your financial status after a divorce, you can relax knowing that you have a fair and comprehensive plan in place for what will happen to your assets after the divorce. It is possible to avoid divorce litigation with the help of a prenuptial agreement, making the process of dissolving a marriage considerably less stressful and expensive.
Finally, when two spouses come from very different financial backgrounds, a prenuptial agreement permits one spouse to keep their assets while the other loses them. In the case of one spouse who works in a successful family business, they can preserve their interests in the business by entering into a prenuptial agreement before marrying each other.
Consult with a San Luis Obispo Marital Agreements Lawyer today.
Prenuptial attorneys are associated with negative connotations when it comes to prenuptial and postnuptial agreements. These issues, on the other hand, can be really beneficial to you and your marriage. We at 805 Law Group will work hard to negotiate a settlement that will be beneficial to you in every way. Our trusted San Luis Obispo marriage agreements attorney can handle your case with sympathy and sensitivity, but we can also use tough techniques to ensure that your rights are not infringed. Contact us today to schedule a consultation.
Don’t wait until it’s too late to take action! If you require assistance with your prenuptial agreement, please contact our San Luis Obispo law firm. Call us to schedule a consultation with our experienced marital agreements attorney.