In the past, prenuptial agreements or prenups were considered taboo, but millennials are changing that reputation. Millennials are waiting longer to get married than earlier generations and may be entering the marriage with assets they want to protect in the event of divorce. According to a report from the Pew Research Center, millennial couples may be more cautious about protecting their finances upon getting married.
As a millennial, you may be concentrating on building your career and becoming knowledgeable about what assets and income will be in your future. More importantly, you want to protect those assets. If you are interested in a pre-nuptial agreement, consult with a Sacramento family law attorney or visit https://sacramentofamilylawlawyers.com. A local attorney with experience drafting and reviewing prenuptial agreements can help you enter into marriage with a clear agreement for property division in the event of divorce.
Prenuptial Agreements in California
In general, a prenuptial agreement is a private agreement between fiancés signed before they get married, which details the division of assets in the event of divorce or death. A prenup can also address the terms for alimony should a divorce occur. It is important to understand that a prenuptial agreement cannot provide for or limit child support or child custody rights. The prenuptial agreement has to be fair, the parties have to disclose their assets fully, and in the state of California each spouse will also need to have their own family law attorney.
Prenups can state that any assets brought into the marriage remain that person’s separate property or that assets earned by the couple during the marriage are marital property subject to division. Additionally, full disclosure is required by both parties of their assets, present, and future, such as a likely inheritance. Circumstances dictate fairness in a prenuptial agreement and are dependent on the unique facts and circumstances surrounding each couple.
Timing is another crucial factor when it comes to a pre-nuptial agreement. It is best to bring up or present your future spouse with a prenup months before the marriage so that both parties have time to review and come to a fair agreement. This is important as any hint of unfair play can invalidate your prenup.
Most prenups are drafted so that in the event of your death, you can leave your separate property to whomever you choose while requiring some provisions for your spouse. For example, your estate plan can state which of your assets you want to leave to other family members, friends, and charities, etc., but it will still need to provide sufficiently for your spouse. A family law attorney can advise on what rights a surviving spouse has in addition to a prenuptial agreement.
Although prenuptial agreements are becoming more commonplace, especially among millennials, it is important to receive appropriate legal advice. Consult with a California family law attorney to get legal advice on how to protect your assets fairly and legally.