While you may be under the impression that prenuptial agreements are only for the rich and famous, the truth is that more and more average couples are signing “prenups.” Keep reading to learn more.
What Is a Prenuptial Agreement?
A prenuptial agreement, informally known as a “prenup,” is a written document signed by two people who are about to get married.
Typically, a prenuptial agreement outlines the property each person owns and states what would happen with that property when the marriage ends.
It’s understandable to be hesitant to discuss a prenuptial agreement with your future spouse. However, there are good reasons to consider a prenup.
Statistics show that financial problems are one of the main causes of divorce. Talking about your financial needs and expectations with your partner may help ward off future misunderstandings.
Additionally, if a person is marrying for the second or third time, a prenuptial agreement is a good way to offer financial protection to children from previous marriages.
Prenuptial Agreements in California
Prenuptial agreements in California must adhere to the Uniform Premarital Agreement Act (UPAA), a multistate law that ensures consistency in this type of agreement.
According to the UPAA, a prenup becomes effective upon marriage and may address rights and obligations related to both current and future property. However, a prenuptial agreement must not adversely affect a child’s right to support.
If no prenuptial agreement exists, then the property owned by the spouses is divided according to the principle known as “community property.” This means that all property, as well as all debts, are divided equally between the spouses at divorce
When creating a prenuptial agreement, it’s best to have both parties represented by their own attorneys. If you have any questions about prenuptial agreements, don’t hesitate to contact the Rivas Law Group. We are here to offer the knowledgeable guidance you deserve.
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We have offices in Riverside, California, and Chino, California. Contact us today to learn more about our services. Hablamos español.