Prenuptial Agreements are back in the news.
What is a prenuptial agreement (or “prenup” for short)?
A prenup is an agreement between prospective spouses that sets forth the parties’ property rights and financial responsibilities at marriage. A prenup can address any number of issues including, but not limited to, how property is acquired (community or separate) and how the parties will control or otherwise manage their property. Fam. Code § 1612(a). Parties may not exclude the payment any potential child support. Fam. Code § 1612(b).
But – isn’t that unromantic to discuss such things before we marry? Having an honest discussion about finances before the wedding day may save parties from problems down the road. In fact, if you don’t have a prenup, the state of California provides you one with its community property system.
Here are some things to keep in mind:
- Give yourself, your potential spouse, and your attorneys time to draft, review, and revise a prenup. At a minimum – 7 days are required if a party is not represented.
- It is encouraged to have both parties represented by independent counsel.
If you want to learn more about prenuptial agreements and terms to include, be sure to speak to an experienced family law attorney.