Prenuptial and Postnuptial Agreements in California

November 06, 2012 (Press-News.org) Prenuptial and Postnuptial Agreements in California
Article provided by Simon, McKinsey, Miller, Zommick, Sandor & Dundas A Law Corporation Visit us at http://www.irvinefamilylawyers.com
Prenuptial agreements are becoming more commonplace and are not just for the rich and famous. Anyone owning assets, whether business or personal, can benefit from a prenup prepared prior to his or her marriage. Such agreements help couples in the event of divorce or death, and there are many reasons you may want to have one created:
-Retain family heirlooms for blood relatives
-Financially provide for children from a prior marriage
-Protect a spouse's rights to costly medical care
-Waive death benefits for tax purposes
-Keep assets acquired during the marriage separate
-Designate who gets future income from inherited assets
-Waive spousal support
-Establish pension or retirement fund recipients

Couples contemplating marriage should discuss and finalize a prenuptial agreement well in advance of their wedding so that it does not interfere with the joy of the event. Couples do not need the added stress of scrambling to get it wrapped up in the days just prior to their nuptials.

California law requires that a prenuptial agreement cannot be signed unless and until the person signing it is given at least seven days -- from first being presented with the contract -- to think it over. This rule allows adequate time for review by his or her attorney and helps to prevent an unpleasant surprise the day before the wedding.

Postnuptial agreements -- contracts put into place after the wedding -- can also be very beneficial to a couple upon divorce. These agreements can be created at anytime during the marriage and often include provisions regarding who gets the house, pets or certain assets acquired during the marriage.

As with most contracts, prenuptial and postnuptial agreements require full disclosure of assets and must be fair to both parties at the time of creation. Many include provisions that contemplate a change of circumstances within the marriage. Some agreements include a sunset clause which makes the contract null and void after a particular period of time (e.g. after 20 years of marriage).

While preparing for a lifetime together, couples should be willing to negotiate and should not be greedy. Remember, the goal is not to get the most money but to have a happy and successful marriage. Do not let a prenuptial agreement stand in the way of your happiness.

There are numerous issues to consider as you prepare for your wedding. Consulting with an attorney knowledgeable about prenuptial and postnuptial agreements can make a world of difference in your marriage and your life after the end of a marriage.

Article provided by Simon, McKinsey, Miller, Zommick, Sandor & Dundas A Law Corporation
Visit us at http://www.irvinefamilylawyers.com