What's The Process For Getting A Prenup Done?

In California, it's legal to change the default rules for married couples when it comes to shared finances. This is done with a premarital or prenuptial agreement. The only people that need to be involved are the the soon to be married couple and his or her attorney.

The Time it Takes to Complete a Prenup

A prenup requires collecting financial information, which may take a week or more for you to put together. Your attorney will go over the rules that apply to married couples and your wishes for the agreement. You may need to have several discussions with your fiancé(e) to figure out what will work for the two of you.

The agreement has to be drafted, sent to the attorney for your partner, and negotiated to each side's satisfaction. This can take several weeks to months. The process only moves as fast as the parties' abilities to resolve issues.

The prenup must be signed before you get married but completed seven days before you sign it. So it needs to be entirely complete a least a week before the wedding.

Allow several months to complete a prenup agreement. Ideally, sign the agreement several weeks before your wedding. The last thing you want is to rush to complete it as you prepare to get married.

The Contents of a Prenup

The main provisions of a prenup usually deal with what property will be separate property and what will be community property. There may also be provisions related to spousal support or other payments if there is a divorce. It also might include transfers of money or assets to make the agreement fairer. Some contain issues related to estate planning.

A prenup can be anywhere from 10 to 50 pages, depending on complexity and issues involved. Attached to the actual agreement will be both parties' financial disclosures. There may also be other financial documents such as tax returns that further clarify financial information.

The agreement is signed, and often it's notarized. The attorneys may also sign, indicating representation.

The Cost of a Prenup

Generally, the only significant cost for a prenup is for each of you to hire an attorney. Attorneys charge different amounts and provide different levels of service.

A prenup can cost less than $1,000 or $7,500 or more. The level of service you receive may vary considerably. Whatever you decide, you need to be comfortable with the attorney you choose to work with.

A prenup can be charged on a flat fee basis or by the hour with an initial amount paid upfront as a retainer.

Getting an Attorney for a Prenup

If the prenup ever becomes an issue between the spouses, one side will claim the agreement is invalid. Prenups that did not have an attorney for both sides have a difficult time in court.

The rules for the validity of a prenup are in part to protect spouses from having to make these decisions under pressure and from agreeing to something they may not have understood. A way to accomplish this is for each side to have an attorney.

What Happens to a Prenup After it's Signed?

When your prenup is complete, the most important thing is to keep it in a safe place. You may not look at it for years. But if it becomes necessary years or decades later and you can't locate it, it might as well not exist.