Family Law | Prenuptial Agreement

Some couples shudder at the thought of planning for a divorce before they are even married. However the reality is that prenuptial agreements serve more purposes than just the traditional notion of 'what's mine' and 'what's yours' in the event of a divorce. 

A prenuptial agreement is an agreement between two people, prior to marriage, that determines how property will be characterized and divided in the event of a divorce. 

Since California is a community property state, any assets or debts acquired during the marriage will be divided equally at divorce or separation, absent any prenuptial agreement. This makes prenuptial agreements ideal for a number of reasons that are not realized until it is too late. 

Two of the most popular reasons for prenuptial agreements are preserving premarital assets and debt protection. A premarital agreement will allow the parties to preserve the assets they owed prior to marriage including family heirlooms and family businesses. Similarly, a prenuptial agreement can protect one party's assets from being used to satisfy the other party's debts incurred outside of marriage. A prenuptial agreement is therefore particularly useful if one party brings a considerable amount of debt into a marriage. 

A prenuptial agreement will also minimize any fighting upon a divorce and therefore also minimize divorce costs. The divorce industry is a prosperous one worth about $28 billion per year with the average cost of a divorce at $20,000 and often more if there is controversy involved. 

If you need assistance with drafting a prenuptial agreement or if you just need an attorney to review a drafted prenuptial agreement, contact the Law Offices of Lucy Zheng for a consultation and evaluation of your case.