As a New Year starts, love is in the air and many new marriages will start. No one wants to think about divorce, but even for those beginning a new marriage, It’s often a good idea to think about a prenuptial agreement. A prenup, as this is often called, can serve to protect your property and set expectations in event of a divorce.
Much of our current California law is thanks to Barry Bonds, ironically. Before baseball player Barry Bonds married his wife in the late 80s, he had her sign a prenuptial agreement the day before the wedding without a lawyer. When they later divorced, she received much less than she would have. In response the California legislature put in stricter protections for a prenuptial agreement
In California, Family Code 1610 to 1617, sets out the basic rules for a premarital agreement. It requires that each party enter into the agreement with a fair, reasonable and full disclosure of the property and financial obligations of the other side. It also requires that the final agreement be finalized 7 days prior to the signing of the prenuptial agreement.
A prenuptial agreement now requires careful preparation, which at Estolano Law we can provide. We would recommend coming in for a consultation 2 months before a marriage date, but we have also help people whose wedding is coming up sooner.
For those who have a family business or assets to protect, a prenuptial is something to strongly consider.
No one plans to be divorced as they prepare for a life together as a married couple. A premarital agreement is hopefully the best protection that you never have to use.