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Prenuptial agreements, also known as prenups or premarital agreements, are becoming increasingly common in California and other parts of the United States. Their purpose is to protect the assets and interests of both parties in the event of a divorce.
Despite their growing popularity, however, prenuptial agreements are still shrouded in myths and misconceptions. The following are among the more common:
Myth #1: Prenups are only for the wealthy.
One of the most common myths about prenuptial agreements is that they are only for the wealthy. In reality, prenups can benefit anyone, regardless of their financial status.
Prenups can help to protect assets such as a family business, real estate, retirement accounts, or even a simple savings account. A prenup can also address issues such as debt, spousal support, and inheritance rights.
Myth #2: Prenups are only necessary if you’re planning to get divorced.
Another common misconception is that prenups are only necessary if you’re planning to get divorced. In fact, a prenup can help to prevent misunderstandings and disagreements during the marriage by clearly outlining each party’s expectations and obligations.
For example, a prenup can establish guidelines for how finances will be managed during the marriage, which can help to prevent arguments and conflicts down the road.
This highlights an important point. Some people are reluctant to enter into premarital agreements because they feel that doing so involves essentially admitting that they don’t have faith in the marriage. In reality, entering into a prenup can actually strengthen a relationship.
Myth #3: Prenups are unfair to one party.
Another common misconception is that prenups are inherently unfair to one party. In reality, a prenup should be designed to protect the interests of both parties. Both parties should have the opportunity to consult with their own attorneys and negotiate the terms of the agreement. A well-drafted prenup can help to prevent one party from taking advantage of the other in the event of a divorce.
Myth #4: Prenups are not legally binding.
Finally, many people believe that prenups are not legally binding. In fact, prenups are enforceable in California, as long as they meet certain legal requirements. To be enforceable, a prenup must be in writing, signed by both parties and entered into voluntarily. In addition, the terms of the prenup must be fair and reasonable at the time it is signed, and the parties must have had a full and fair disclosure of each other’s assets and debts.
A California Premarital Agreements Attorney Can Help
Prenuptial agreements can be an effective tool for protecting the interests of both parties in a marriage. That said, a prenuptial agreement is more likely to serve its purpose if it’s entered into with the help of an attorney who can ensure it’s legally binding.
At Baghdaserians Law Group, a Pasadena and Beverly Hills premarital agreements lawyer is on hand to help you and your partner enter into an agreement that offers sound protection. Learn more about what we can do for you by contacting us online or calling us at (626) 460-9525.
