Prenuptial Agreement Attorney in Orange County

Planning for a marriage in Orange County is a complex process with many details to attend to. With all of the excitement, the last thing a happy couple wants to think about is the possibility that the marriage could end in divorce. But sometimes, despite all the best efforts, a marriage does fail. When that happens, preparation can make a stressful transition much more manageable and predictable.

Whether this is your first marriage or second marriage, if you are entering the marriage with any assets, it is wise to consider premarital planning.

To prenup or not to prenup? That is the question. Either way, having a separate property trust is important to consider prior to marriage, especially if one or both spouses are coming into the marriage with assets of their own.

 

What Is Involved In Premarital Planning?

Premarital planning isn’t just about creating a California premarital agreement, although that is one important tool for many couples. Premarital planning also involves more than hedging against the possibility of divorce–it goes hand in hand with estate planning. For example, premarital planning may also involve setting up a separate property trust. The trust can be used to segregate property that a spouse enters the marriage with. It may also serve as an asset protection tool.

Really, premarital planning is about being proactive in getting your legal and financial house in order. Too often, couples enter into marriage with conflicting assumptions about how finances will be handled. That can lead to conflicts in the marriage and unpleasant surprises if the couple divorces or one partner passes away. 

During the premarital planning process, couples talk about financial issues and establish guidelines that can help avoid future financial misunderstandings.

Of course, one obstacle couples face in this process is that most people don’t fully understand their options, or the law surrounding marital property, property division in marriage, and inheritance. An experienced premarital agreement attorney can be your best resource as you prepare the foundation for your future as a married couple.

When to Consider a Prenup

Every couple preparing for marriage should have serious, in-depth conversations about how they will handle their finances before heading to the altar. The amount of planning required and the legal documents appropriate to your situation will vary depending on your circumstances. 

It is generally most important to consider a prenuptial agreement, separate property trust, and revisiting your estate plans if: 

• One or both partners are bringing significant assets into the marriage
• One or both spouses has property or business interests shared with family members or others
• One or both spouses has children from a prior relationship
• One or both spouses enters the marriage with significant debt

For example, in families with children from prior relationships, each spouse will likely want to provide for their separate children. If one spouse passes away and leaves everything to the other spouse, the deceased spouse’s children could be cut out of inheritance. That can be avoided in a variety of ways, including prenuptial agreements, wills that make specific bequests to the children or a living trust created for the benefit of those children. 

The right approach for you will depend on your goals, your spouse’s goals, the property involved, the people you want to provide for and more. An experienced prenup lawyer in Orange County can help you find the combination that works for you.

What is a Prenuptial Agreement?

A prenuptial agreement is a contract a couple enters into before marriage. This contract can include provisions for: 

• Designating property that would normally be separate property, such as property owned before the marriage, as community property
• Designating property that would normally be community property, such as earnings during marriage, as separate property
• Setting conditions under which either spouse may be entitled to (or waive) spousal support if the parties divorce
• Outlining specific financial responsibilities during the marriage or on divorce

The Benefits of a Prenuptial Agreement

People generally think of a prenuptial agreement as preparation for divorce. It’s true that a prenup can protect your assets in a divorce, ensure that you have access to spousal support (or that you don’t have to pay support) and reduce the stress, conflict and cost associated with a divorce. However, this type of contract can protect both spouses during the marriage as well. For example, decisions about whether certain property is classified as community property or separate property can protect that property from creditors. 

An experienced prenuptial agreement attorney can explain the pros and cons of each possible element of a prenup and help you determine how best to protect your interests.

What Isn’t In a Prenuptial Agreement?

While a prenuptial agreement can address a wide range of issues that may arise both during the marriage and on divorce, there are certain matters that can’t be agreed on in advance. These generally involve children. Clauses pre-determining custody, visitation and child support are not valid in the state of California. 

How Reliable are Prenuptial Agreements in California? 

California courts typically honor prenuptial agreements as long as certain conditions are met. These include: 

• The agreement must be in writing and signed by both parties
• The parties must have entered into the agreement voluntarily
• There must have been full disclosure of each party’s financial circumstances
• Each party must have had at least 7 days to review the proposed agreement prior to signing

Working with a prenup lawyer is not required, but it is in the best interests of both parties that each partner has their own attorney representing them in the negotiation of a prenuptial agreement. Independent representation not only protects that party’s interests, but also helps ensure that the agreement will be found enforceable if and when it’s needed. 

You should also be aware that certain provisions of a prenuptial agreement may be subject to modification by a court in extreme circumstances. For example, a California court might override a provision waiving spousal support if the spouse in need of support had become disabled and would be left indigent without that support.

Steps to Create an Orange County Prenup

The first step toward drafting a prenuptial agreement in California should be to consult an experienced premarital agreement attorney. The attorney can explain in greater detail each issue that you should be considering before drafting the document. Then: 

• Have a thorough, honest conversation with your future spouse. 
• Meet with your prenuptial agreement lawyer and walk through the provisions you would like to include in your prenup.
• Your attorney will draft the agreement for you to review.
• If you are satisfied with the agreement, it will be provided to your future spouse and their attorney for review.
• Any necessary negotiations will take place with the help of your attorneys.
• The drafting attorney will make any changes agreed upon and provide the revised document for review.
• Both parties will review and sign the prenuptial agreement.

Ready to Plan for the Future?

The earlier you get started sorting out the financial and estate planning aspects of your marriage, the sooner you can set the legalities aside and focus on your wedding and your relationship.

At Morgan Law Group, we know how important this planning is for your future, and we’re committed to starting you off on a solid foundation. Contact Us or Book a Call to discuss your specific needs and next best steps.

We also recommend you attend one of our educational talks on Estate Planning.

Additional Planning Considerations

In addition to a prenuptial agreement, many couples benefit from complementary planning tools to protect their assets and plan for the future. For example, if you have children, Estate Planning for Children in Orange County or Young Adult Estate Planning can help ensure your loved ones are provided for. Couples with more complex assets may also consider working with a Special Needs Trust Attorney or reviewing existing Trusts and Trust Amendments. Finally, guidance from a Trust Administration or Probate Attorney can help ensure your estate plan is properly implemented. By coordinating these strategies with your prenup, you can build a comprehensive plan that protects both your relationship and your assets.