Some people feel there is a stigma around premarital agreements, but a premarital agreement can be a vital part of a marriage. For couples who do not have such an agreement, the State of California provides a premarital agreement, which is the law of community property. Many couples wish to create their own agreement which defines how property and income will be treated and “characterized” during marriage, and in the event of divorce. It is common for couples to adopt some aspects of the law and modify or customize others. It can be compared to insurance. You hope you never need it, but if you do, you are very glad you have it.
Whether you are planning on getting married for the first time, or you have accumulated assets you want to preserve for your children from previous relationships, or if this is a second or subsequent marriage, the collaborative process can provide you with the tools you need to create a valid prenup that is acceptable to you both.
How the Collaborative Prenup Process Works
Drafting a collaborative prenup is a non-adversarial process where you and your fiancée work together to create an agreement that works for both of you. How the process works involves:
- You and your prospective spouse each hire your own attorney who is trained in the collaborative process. The attorneys serve as guides in this process.
- The lawyers provide you with information about the law and what is involved in drafting a valid prenup.
- The lawyers will elicit from each of you what you hope to accomplish by creating the prenup, and help you have the conversations necessary for the two of you to accomplish your goals. You and the attorneys work together as a team, and you are not pitted against one another.
- You can consider what assets you want to preserve for children from a prior relationship, and your commitments to them. You can also consider what do you want to happen to your assets if your die while are you married.
The lawyers will ask probing questions to bring to the forefront issues you may not have thought of your own. For example, if you plan to have children, how will this affect your prenup? What if one parent gives up their career to become a stay-at-home parent? If that parent is not in the workforce for a number of years, it can be a real challenge to rejoin the workforce, and they likely lose the ability to build wealth during the time they are out of the workforce.
The Collaborative process allows you to consider these questions in an interest-based discussion rather than an adversarial process that can create hurt feelings at a time that should be joyous.
Schedule a Consultation with Chase, Berenstein and Murray, Counselors at Law
If you and your prospective spouse are considering a collaborative prenup, contact us at Chase, Berenstein and Murray, Counselors at Law. We will work with you to draft a valid prenup that is satisfactory to you both. You can also call us at 650-642-3897.