Pre/Post Nuptial Agreements
When two spouses enter into the divorce process, and are unable to come to an agreement regarding the division of their marital assets or payment of spousal support, they will have to litigate these matters in a public trial. This can cost many thousands of dollars and require public disclosure of private facts relating to the marriage, not to mention the emotional toll of having to argue over money with your spouse in court. And, ultimately, the court and not you will make decisions regarding these issues.
To avoid this regrettable and expensive process, which can leave emotional and financial scars for life, many couples choose to avoid a costly courtroom battle by entering into a pre- or postnuptial agreement, overseen by attorneys for each spouse. At the Law Office of Kelley C. Finan, we help spouses and soon-to-be spouses avoid the drama and cost of divorce trials by working with them to create these agreements.
Prenuptial Agreements
A prenuptial agreement is simply an agreement that two people who plan to marry enter into which dictates how their marital assets should be divided in the case of a divorce and how much, if any, spousal support should be paid. A prenuptial agreement does not mean that the parties are expecting to get divorced, only that, should that come to pass, both parties will understand exactly how they would be cared for and supported without duking it out in front of an unpredictable court later on. In the event of a divorce, prenuptial agreements in some cases, where validity of the Agreement (or a portion thereof) is in question, must be approved by a court, and the court will only finalize the terms of the agreement if they are fair and if the agreement was reached in accord with California law. One of the requirements under California Law is that each party have consulted their own independent lawyers in creating the agreement.
Postnuptial Agreements
As the name implies, a postnuptial agreement is an agreement to divide a married couple’s assets and debts, and to determine support obligations in the event the parties decide to no longer continue in the marriage in the future. Like a prenuptial agreement, it is often much cheaper and more efficient than battling these issues out in court, and the parties and not the court will make these decisions. Such an agreement, if its validity is later called into question, must also be approved by the courts as being fair to both parties in light of California law.
Work with the experienced, compassionate attorneys at the Law Office of Kelley C. Finan to create and finalize prenuptial and postnuptial agreements that are fair, reasonable, and cost-effective.
Tips for Prenuptial Agreements
Choose the right time: Pick a time when both you and your partner are relaxed, and in the right frame of mind. Do not spring the subject on your partner unexpectedly or during a time of heightened emotions.
Be transparent: Being transparent with your assets and income is critical to an effective prenuptial agreement. Disclose all assets, liabilities, and other financial details.
Establish your priorities: Take stock of your priorities in terms of assets, as well as any concerns or areas of focus that need to be addressed.
Be flexible: Being reasonable and open-minded to the discussions surrounding the prenuptial agreement negotiations can go a long way in reaching a mutually beneficial agreement for both you and your partner.
Be calm and respectful: Discussions relating to property division and finances can be a sensitive topic. Try to maintain a calm and respectful demeanor throughout the negotiation process.
Consult an attorney: You and your partner should both have separate legal counsel to represent your interests in the prenuptial agreement negotiations.
Keep emotions in check: Avoid making decisions or accepting agreements while in a heightened emotional state, as it could influence your judgment on the final agreement.
Maintain confidentiality: Keep prenuptial agreement discussions confidential and avoid sharing any discussions with other parties or family members.
Take your time: It is better to ensure a prenuptial agreement that works for both parties rather than rushing the process to reach a quick conclusion.
Review the final agreement: Take time to review and understand the prenuptial agreement with your attorney before making any final decisions or signing the agreement.
Tips for Postnuptial Agreements
Hire an Attorney: A postnuptial agreement is a legally binding document with significant financial and legal consequences. It is essential to hire an experienced family law attorney who can help you draft an agreement that meets your needs and protects your interests.
Discuss the Details: Before starting the process of getting a postnuptial agreement, you and your spouse should discuss the details of the agreement. This includes outlining what property and assets will be included in the agreement, and how future property and assets will be handled in the agreement.
Full Disclosure of Assets: Both parties must make full disclosure of all assets and liabilities. This involves providing financial records and other relevant information necessary for drafting the agreement.
Timing: The timing of the postnuptial agreement is critical. They are typically signed after the marriage but can be signed at any time. Speak with an attorney to determine the timing that is best for your situation.
No Coercion: Neither party should be coerced or pressured into signing a postnuptial agreement. The agreement must be entered into voluntarily and with full understanding of the terms and consequences.
Consult an attorney: You and your partner should both have separate legal counsel to represent your interests in the prenuptial agreement negotiations.
Proper Execution: A postnuptial agreement must be executed according to California law. The agreement must be in writing, signed by both parties, and notarized.