A premarital agreement is a contract you execute with your prospective spouse which may contain clauses that regulate the pending marriage, contain language limiting the transfer of property in the event of a divorce, discuss alimony and other things the spouses may deem relevant.  The basic premise of these agreements is to have them drafted to limit the possibility of the agreement being set aside at some point in the future and to allow the division of property to be limited to the terms of the contract instead of the courts should the parties divorce.

One of the things that is absolutely necessary in effecting premarital agreements are full and complete disclosure of all assets, liabilities, sources of income, prospective sources of future income and any/all information that may be relevant to the person’s financial position.  The premise behind this requirement is rooted in the Family Code and basic contract law.  It boils down to an issue of fairness in that both parties should fully understand what rights they may be waiving in the others’ property that they otherwise would have an interest in.

It should follow that usually full disclosure takes time.  This is not something to be glossed over because if you are going to be making the investment in having your attorney draft a premarital agreement for you, you want to give it the best possible chance of surviving any future challenge to the agreement.  As a San Francisco Family Law Attorney with experience in drafting premarital agreements, feel free to contact me for further information on this topic.  Contact my San Francisco family law office or e-mail me at parks@parkslawgroup.com.

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