The Basics of Prenuptial Agreements
Prenuptial agreements, also known as antenuptial or premarital agreements, are legally binding contracts entered into by two parties prior to marriage. The primary purpose of these agreements is to outline the distribution of assets, liabilities, and any other terms of the marriage, in the event of a divorce or death. They can address various aspects such as property division, spousal support, and debt allocation. For couples considering a prenuptial agreement, there are many benefits. They can help clarify and prioritize important financial matters, allowing couples to make informed decisions and protect both parties in the event of a divorce. Prenuptial agreements can also help avoid lengthy and costly disputes , by providing a clear roadmap for resolving financial issues should they arise. They are especially beneficial for people with considerable assets, children from previous relationships, or those entering into a second or third marriage. The enforceability of a prenuptial agreement largely depends on the specific terms and circumstances of the agreement. Some common issues that can compromise the validity of a prenuptial agreement include: A well-crafted prenuptial agreement can provide numerous advantages to couples considering marriage. By setting clear terms and conditions for the duration of the marriage, these agreements can help simplify the process if a divorce occurs, while also ensuring both parties are aware of their rights and responsibilities.
Reasons to Hire a Prenup or Antenuptial Attorney
When you decide to get a prenuptial agreement in Los Angeles, it is important that you hire an experienced attorney who can draft your prenup. While some couples still decide to draft a prenuptial agreement without attorneys, there are many reasons why you should retain a lawyer to represent your interests. If a prenuptial agreement is not drafted properly, the agreement could end up invalidated during the divorce process and forgoing legal assistance could be financially ruinous.
Prenuptial agreements are designed to last a long time. Although some states have laws that automatically end prenuptial agreements after certain events, most states do not. In essence, as you and your spouse age together, the prenuptial agreement will continue to be important. Hiring an experienced Los Angeles prenuptial agreement attorney to draft your prenup will ensure that the document will be legally enforceable in the future.
Prenuptial agreements are governed by statutory law. Therefore, there are many rules that your attorney must be aware of when drafting your prenup. For instance, unless your prenup was reached through the use of mediation or collaborative law, the prenuptial agreement must be signed before at least one witness and a notary public for the document to be legally enforceable. An experienced attorney knows what the law requires with regard to notaries and witnesses.
A prenuptial agreement should ideally be fair to both spouses. Hiring a prenuptial agreement lawyer will ensure that you work together with your spouse and reach an outcome that works for everyone involved. If you were to attempt to write a prenup on your own, then your spouse would likely feel like he or she was being forced into signing something that was not fair to them. Courts do not like to enforce prenuptial agreements that favor only one spouse. An attorney will work to make your agreement fair to both parties.
An experienced prenuptial agreement attorney will also explain the benefit of tailoring the contract to meet your specific needs. For example, if you have children from a previous relationship, the attorney might recommend provisions that will ensure the kids are taken care of. Likewise, if you have a substantial amount of debt upon entering the new marriage, the attorney could include provisions that would protect you in the event your spouse refuses to help with the debt.
While it might seem "romantic" to draft a prenuptial agreement without there being an attorney involved, there are several financial concerns about which you need to think. Many high-powered executives and business owners know that prenuptial agreements protect them in the event of a divorce. In essence, prenuptial agreements help couples who have substantial financial resources. However, most attorneys will say that the more money you have, the more likely you are to have issues when creating a prenuptial agreement. The courts want to know that this is an arm’s length agreement designed to get you through financial hurdles later in life.
Attributes of a Skilled Prenuptial Agreement Attorney
When choosing a Prenuptial Agreement Attorney in Los Angeles, it is vitally important to consider not only reputation and experience but also the attorney’s expertise in family law, particularly in the area of prenuptial agreements. Not all family law attorneys have the expertise necessary to craft a prenuptial agreement. It is also important to ensure that your attorney will be a strong negotiator. Regardless of your own assets, your spouse may not have a full understanding of the value of your assets. For this reason, it is important to enlist the services of an attorney that has the experience and expertise to help you choose what to disclose and what to exclude in your prenuptial agreement. Not all assets must be disclosed, so it is important to choose an attorney that has the expertise to help you choose specifically what to disclose and what to keep private. A good Prenuptial Agreement Attorney in Los Angeles will also be skilled in negotiation. Never enter into negotiations for a prenuptial agreement with either an attorney or future spouse that is not willing to negotiate in good faith. This is one of the most important considerations when choosing the right Prenuptial Agreement Attorney for you.
Locating the Ideal Prenuptial Agreement Lawyer in Los Angeles
Finding the right prenuptial agreement attorney in Los Angeles can be an overwhelming experience. Many people are uncomfortable discussing money with someone they don’t know. Given the sensitivity of the subject, it is important to find and select the right attorney to represent you in this personal and confidential process. Finding a prenuptial agreement attorney can be a difficult task if you don’t know where to look and how to choose the right one.
The best attorneys get the vast majority of their business from other attorneys who don’t practice in that particular area of the law. Even if you don’t know an attorney who does family law, you should ask your attorney for a recommendation. Their referral is likely to be a good one because the referring attorney knows that his or her reputation rides on the quality of the referral provided.
It is good idea to ask friends who are already married about their pre-nuptial agreements to see if they know of a good attorney. Ask them about their experience. Was the attorney focused on the needs of the client? Did they feel rushed and not heard? Did they feel the attorney was knowledgeable? It is also important to ask your friends if their attorney was aggressive or laid back. You need to select an attorney that makes you comfortable and is the right fit for you.
You can check the Los Angeles County Bar Association’s (LACBA) Lawyer Referral panel at www.lacba.org for recommendations. The LACBA has a very stringent qualification process before they will refer an attorney for a consultation.
Most attorneys have websites. Review their background education, years of practice, referrals and experience. Be sure to check out client reviews and testimonials.
If there is a particular attorney that you are considering and had a consultation with them, Google him or her! A search of the internet will provide you with more information and give you an idea of the attorney’s reputation. Check the disciplinary history of a potential attorney by going to the State Bar of California website. The disciplinary history includes any disciplinary action taken against the attorney, including whether a client has filed a complaint.
If you have decided whom you want to hire, be sure to take the time to meet with your potential attorney again to make sure you both feel it is the right relationship. Remember, there should be a great level of trust between you and your attorney throughout this process and as you embark on your new journey together.
Fees for a Prenuptial Agreement Attorney
Hiring a prenuptial agreement attorney in Los Angeles needs to be regarded as an investment in your future rather than simply a cost. If you are going to invest in your future then you might as well not go with the cheap and inexperienced attorney who has little knowledge or experience with drafting a prenuptial agreement. A well drafted prenup can protect you from spending many tens of thousands of dollars (or more) in litigation down the road. Conversely, a poorly drafted prenup will likely be a worthless document that will leave you with the very outcome you sought to avoid.
It is not unusual for a well experienced attorney to charge $3,000.00 to $5,000.00 for a premarital agreement (there are exceptions). Keep in mind that this cost typically includes the attorney fees incurred in preparing the initial draft, meeting with both parties and answering our questions, and making some revisions. It does NOT include any attorney fees incurred if the matter becomes difficult and contentious . In other words, if the parties are reasonable, this should be the entire cost of the attorney’s work on the matter. Unfortunately, it is not uncommon for difficulties to arise. We have worked on premarital matters for hundreds of clients and have observed that many times the parties have ample time to arrive at a reasonable prenup but become unreasonable shortly before the wedding date. When this happens, they are backed into a corner and bad decisions are often made.
If a judge is forced to step into the situation, court order requests make sense and are reasonable. However, proceeding in such a way that drastically increases costs, uncertainty, and stress in order to get a better deal for one spouse is almost always a bad idea. There are no shortcuts to a good agreement, and trying to pressure, bully or buy your way to a good agreement is costly in every sense of the word.
The most important thing when it comes to finding the best premarital attorney for you is that they are fairly priced and you believe that they are competent based on your personal experience.
Common Pitfalls of Prenuptial Agreements
Common mistakes made in a prenuptial agreement are far more common than one might think in fact there is a whole laundry list of them. It is certainly understandable since this is an area where the terms of an agreement can mean the difference between you keeping your hard-earned money or potentially giving it all away. An experienced attorney with a history of protecting high net worth clients will certainly know what works and what does not. One of the biggest mistakes is failing to give the most basic of information in writing such as failing to provide evidence of income, and the existence of any assets (even if those assets are not at all relevant to a current agreement ) so that an asset search is easily avoided. If however, no information related to his or her assets is available and then a prenuptial agreement is entered into, this can be used by the court to reduce the enforceability of such an agreement.
Wrap Up & Protecting Yourself
In conclusion, entering into a prenuptial agreement with a partner in Los Angeles is a prudent way to secure the future of both you and your partner. It can maximize the assets that remain yours after a divorce, it can clarify how certain assets will be handled, and it can foster an environment of understanding, communication, and safety. The latter point is important: everyone hopes never to need their prenuptial agreement, but it’s good to know that if issues do arise, you are prepared . Of course, preparation is key — and here is where the services of a trusted LAABF attorney become essential. While thorough, competent and insightful, a do-it-yourself prenuptial agreement can often lead to unanticipated costs. The cost of hiring a prenuptial attorney eventually becomes cheaper than the gains lost by overlooking the legal details. Your attorney can help you by outlining the most common terms, simplifying them, and ensuring that you enforce your rights in both the pre- and post-nuptial period.