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Key Considerations When Drafting A Prenup

May 13, 2024

Posted in Prenuptial Agreements

Marriage is a serious step, and your El Segundo prenup lawyer can help you prepare for a worst-case scenario. There are fewer than 1,500 family law attorneys in California, and Skarin Law is one of them. Now, we’re ready to use our knowledge and experience to help you deal with your planning and prep:

Understand The Purpose Of A Prenup

A prenup is designed to protect each person’s assets, clarify financial responsibilities, and avoid potential disputes in case of divorce. It can cover everything from division of financial assets and liabilities to spousal support and inheritance rights. Understanding that a prenup is meant to create a secure financial future for both partners is crucial as it sets a foundation of transparency and mutual respect right from the start.

Full Disclosure Of Assets

One of the most important aspects of drafting a prenup is the full disclosure of all assets and liabilities by both parties. This includes real estate, investments, savings, debts, and any other financial assets or obligations. Concealing or misrepresenting assets can lead to a prenup being challenged in court or even voided.

Separate Legal Representation

Each partner should have their own legal counsel. This ensures that the interests of both parties are fairly represented and that each individual fully understands the terms and the implications of the agreement. Separate representation helps in maintaining the validity of the agreement, as it negates any claims of unfair advantage or coercion.

Fair And Reasonable Terms

The terms of the prenup must be fair and reasonable to both parties. Any provisions that are excessively biased or appear to favor one party significantly over the other can raise questions about the fairness of the agreement and may lead to challenges if a divorce occurs. Fairness is particularly scrutinized in situations involving spousal support and asset division.

Consideration Of Future Changes

Life circumstances change, and a prenup should be flexible enough to accommodate certain future changes, such as the birth of children, significant changes in income, inheritances, or changes in state laws. Including provisions for revisiting and modifying the agreement under specific conditions can help ensure that the prenup remains fair over the long term.

Discuss Spousal Support

If one partner is significantly wealthier or if one spouse plans to sacrifice their career for the family, the prenup should address spousal support clearly. This is to ensure that both parties have financial security in the event of a divorce, especially for the spouse who might be at a financial disadvantage.

Keep It Respectful

Approaching the conversation about a prenup with care and respect is vital. It should be seen as a mutually beneficial tool that safeguards both partners, not as a prediction or expectation of divorce. Communication should be open and honest, with each party freely expressing their concerns and expectations.

Regular Updates

As marriages evolve and financial situations change, it’s wise to revisit the prenup periodically to ensure it still reflects the current circumstances and wishes of both parties. Regular updates can help keep the agreement relevant and enforceable.

If you are considering a prenuptial agreement and need guidance on how to approach it thoughtfully and thoroughly, we are here to help. Contact Skarin Law Group today, and see what a prenup lawyer from our office can do for you.

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