5 Things To Know About Prenuptial Agreements In California
Are you planning to get married in California? It is important to plan ahead and to consider the benefits of a prenuptial agreement. While many people assume that prenuptial agreements are only for very wealthy people or for people who are getting married later in life after acquiring assets, prenuptial agreements can be beneficial for anyone considering marriage. Our San Jose prenuptial agreement lawyers can help you with your agreement, whether you need assistance drafting a prenuptial agreement or determining whether you should sign an agreement. In the meantime, the following are five things you should know about prenuptial agreements in California.
- Prenuptial Agreements Are Known As Premarital Agreements Under California Law
While the term prenuptial agreement, or more commonly the “prenup,” is used to describe agreements made between two parties in anticipation of marriage, California law understands these agreements as premarital agreements. According to California law, a premarital agreement “means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.”
- Premarital Agreements Can Benefit Anyone Regardless of Age, Assets, or Income
There are many misconceptions and myths about prenuptial agreements, including the idea that these agreements are only necessary for people in certain income brackets or of a certain age. Another common myth is that prenups are not necessary when two parties love one another and plan to remain married. In reality, premarital agreements can benefit anyone regardless of age, assets, or income. Premarital agreements can help parties reach agreements concerning how finances will be handled during the marriage, how debts will be shared (or not shared), how assets and debts will be divided in the event of a divorce, and more.
- Parties Can Reach an Agreement Concerning Spousal Support in the Event of Divorce
Through a premarital agreement, you can reach an agreement about whether one of the parties will receive spousal support and, if so, how much and for how long. Premarital agreements can also include a waiver of spousal support, meaning that spousal support will not be considered in the divorce.
- Certain Issues Cannot Be Agreed Upon in a Premarital Agreement
There are certain agreements that cannot be part of a premarital agreement. For example, the parties cannot use this agreement to limit parental rights or to waive a right to child support. Premarital agreements also cannot be so unfair to one of the parties that the court considers the agreement to be unconscionable. In any of these circumstances, the agreement will not be enforced.
- Premarital Agreements Are Distinct from Postnuptial Agreements
You might have heard about postnuptial agreements and may be unsure about the distinction between a premarital agreement and a postnuptial agreement. Premarital agreements are entered into before the marriage, while postnuptial agreements occur after the date of the marriage. Both types of agreements can address the issues discussed above. Some states do not permit postnuptial agreements, but California does allow these agreements to be created and enforced.
Contact Our San Jose Premarital Agreement Lawyers
If you are considering a premarital agreement, or if you have questions about enforcing a premarital agreement in anticipation of divorce, one of our experienced San Jose premarital agreement attorneys can speak with you today about your circumstances. Contact Foster Hsu, LLP for more information.