When it comes to divorce in the Westlake Village area, many people do not consider the actions they can take to make it easier before getting married. As disheartening as discussions of separation may seem during the early stages of a relationship, it is an event that couples should plan for. One way they can prevent the likelihood of a long, drawn out and contentious split is with a prenuptial contract.
Prenuptial contracts contain the financial terms and conditions that couples plan to abide by in their marriages and during divorce. There are many issues that can arise when couples do not draw up prenuptial agreements with care. Here are some mistakes that could end up voiding a prenuptial contract.
Not being honest
One requirement for prenuptial contracts is for both parties to provide full financial disclosure. Some people do not feel comfortable sharing the intricate details about their finances with their partners, even though they plan to spend their lives with them, especially in high-value relationships. When one or both individuals fail to provide a full accounting of their assets, their partner does not have all the information they need to negotiate the contract fairly and effectively. This can cause confusion, delays, the courts invalidating the prenuptial agreement and an unfavorable outcome in divorce.
Not being practical
Many people do not realize how much marriages are financial partnerships until it is time to dissolve one. They dismiss the practicality and importance of having a prenuptial contract to assuage their feelings and ego. Couples should not let their emotions interfere with their ability to talk rationally about their circumstances and how having a prenup can help. Having a prenuptial agreement does not mean there is a higher risk of separation. It means both parties willing to do what it takes to protect themselves and their assets and make the separation easier to resolve if things do not work out.
Creating a valid prenuptial agreement is not easy. If it is missing certain information or contains language and terms that are not enforceable, the courts may not honor portions of it or toss it out. Anyone who has assets they want to shield from divorce should consider speaking with an attorney about prenuptial contracts.