Myths About Prenuptial Agreements
Prenuptial agreements are designed to take a major chunk of the sting away from most divorce cases, by preserving the interests and expectations of both the divorcing parties and keeping the surprise element away from the trial proceedings. In California, a prenup agreement is referred to as a premarital agreement, and governed by the statutes of the state’s Uniform Premarital Agreement Act. However, there are a lot of myths and preconceived notions about the prenup, courtesy popular culture and belief. We are here to debunk a few such myths, and provide you with the correct facts regarding a prenuptial agreement.
Prenuptial agreements are meant for wealthy celebs only
The fact here is that it does not really matter whether or not you have a large estate or property. A prenup agreement will not only provide you clarity of how to manage your finances with your spouse, but also prevent unnecessary conflicts and dispute regarding the same. Having a discussion about your finances, before taking your relationship to the next level will be an effective way of avoiding everyday arguments.
Prenuptial agreements are biased towards the wealthier spouse
As per the law, a prenup is supposed to be designed in such a way that it conserves and enforces the rights and interests of both the partners involved. An agreement which is biased towards either spouse, will be recognized as unconscionable, and will not be enforced by the court of law. The basis of a prenup is that it should be signed voluntarily by both the parties by their own free will. Furthermore, it is the obligation of both parties to ensure a comprehensive disclosure of their assets and debts to each other.
Premarital agreements are created to address each and every issue related to a divorce
There is no such law that compulsorily requires a prenuptial agreement to carry instructions for each and every issue that crops up as a byproduct of a divorce. However, since it is largely a private contract, it is up to the partners to decide upon the level of intricacy they want out of the agreement. If you wish to limit your prenup to the protection of your finances, so be it. On the other hand, if you wish to incorporate other aspects such as the execution of a will or a trust, you can create your prenup accordingly.
A cautiously crafted prenuptial agreement not only provides a measure of peace within the relationship, but also strengthens the bond between the partners by minimizing everyday conflicts over petty issues.
Getting married and divorced in California can be complicated. Download our free eBook, 18 Important Things to Know About California Divorce to educate yourself about California law before you get married to fully understand why a premarital agreement makes sense.
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