While a proposal tends to sweep couples up into a romantic whirlwind, it is important to realize that while yes, love generally is involved, it is also a legal and binding contract. Contract. The word is so unromantic to say the least. Yet, that is exactly what it is. Just like an employment contract, a cell phone contract, or a business contract, it is an agreement between two people and is legally enforceable because both parties will sign. And just like any contract, it is important to remember that contracts can be broken, terminated, and cancelled at any time, with or without notice. It is extremely important to protect yourself, and your assets, in the event that something does go awry in your marriage. All too often, marriages face the end and many are left taken advantage of, wishing they had taken care of the necessary dirty details of a prenuptial or postnuptial agreement.Top Reasons to Sign a Prenup or PostnupIt is important to have honest, upfront communication in the beginning of your relationship, when you are still in love and in tune with each other. It is ill-advised to wait until both sides need to argue everything out and no longer are "fighting fair". Most people see these agreements as a way for the wealthier partner to protect their assets, but it is also wise to discuss debts. Once you are married, the debts can be considered shared and creditors can go after either party. It is important to discuss who is going to pay those bills. Some of the top reasons to sign a prenuptial agreement are:One partner is significantly wealthier,One partner makes a substantial amount of more income,This is a remarriage,The other partner has a high amount of debt,One spouse owns a business,Prevention of an estate plan being overturned, orIf one person intends to quit their job to raise the children.The BasicsThere is a difference between a prenuptial and a postnuptial agreement. A prenuptial agreement is signed before the marriage begins. Postnuptial is signed and agreed upon after the marriage has already begun and can be an amendment of the prenuptial. A prenuptial agreement is a binding contract between two people who are about to marry or enter a domestic partnership. It sets out terms of:Possession of assets,Treatment of future earnings,Creation of a will or trust,Purchasing, selling, trading or other ownership of property,Control of property of each, andPotential of division of property should the marriage dissolve.EnforceabilityThe agreement can only be enforced if both parties meet all of the qualifications. If the guidelines are not met, then the agreement becomes null and void. Reasons that a signed prenuptial agreement would not be enforceable are:One party did not sign the documents voluntarily,Someone was not given full disclosure of the property, assets, and debt and they did not waive their rights to this disclosure,Less than seven days were given between the presentation of the agreement and the advice to seek legal counsel and the time of signing the agreement, orSomeone signed under duress.If you are considering entering the binding legal contract of marriage in which case all property in the marriage becomes "community property" in the state of California, it is advised to seek legal counsel. In instances such as these, it is always advised to follow the old adage that "it is better to be safe than sorry." In this case, it better to have a prenup in place and not need it, than to need it and it not be in place. If you are interested in speaking to a San Jose family law attorney, call the Law Offices of Steven E. Springer today. With more than 30 years of experience, we will able to advise you with all of your planning needs. We offer three convenient locations to serve you. Call us today at 408-779-4700 for your free initial 20-minute consultation.Sources:http://www.businessinsider.com/every-couple-needs-a-prenup-2014-8http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fam&group=01001-02000&file=1610-1617http://www.courts.ca.gov/1254.htm
