A premarital agreement, also known as a prenuptial agreement or “prenup”, is a legally binding contract signed by both parties before they get married. The purpose of a premarital agreement is to establish the rights and responsibilities of each party in the event of a divorce or separation, and to protect their assets.
In California, premarital agreements are governed by the Uniform Premarital Agreement Act (UPAA). The UPAA sets out the requirements for a valid premarital agreement, such as full disclosure of assets and liabilities, and the voluntary and knowing consent of both parties.
A premarital agreement can cover a wide range of issues, including the division of property, spousal support (also known as alimony), and even the custody and support of children. However, there are some things that cannot be included in a premarital agreement, such as agreements that violate public policy or criminal law.
One of the main benefits of a premarital agreement is that it can help avoid lengthy and costly litigation in the event of a divorce. By establishing the parties` respective rights and obligations in advance, a premarital agreement can help facilitate a smoother and more amicable divorce process.
However, it is important to note that a premarital agreement is not for everyone. Some people may feel that a premarital agreement is not necessary because they are confident in the strength of their relationship or they do not have significant assets to protect. Others may see a premarital agreement as a sign of distrust or lack of commitment to the marriage.
Ultimately, the decision to enter into a premarital agreement should be based on each individual`s unique circumstances and relationship dynamics. If you are considering a premarital agreement, it is important to seek the advice of an experienced attorney who can guide you through the process and ensure that your rights and interests are protected.