Prenuptial Agreement

[timo900 0]

Hello!

I have a question about prenups in general and specifically in California. Since my spouse is a lot older then me, we would like to get a prenup. Especially when I am the younger one moving to a foreign country with no assets and his assets are about 150k. My question is what is the cheapest way to get a prenup? Is it legit if I use this site

http://www.lawdepot.com/contracts/prenuptial-agreement/?loc=USCA&pid=googleppc-prenup_usca-main_p22ft-s-ggkey_california%20prenuptial%20agreement&s_kwcid=california%20prenuptial%20agreement|25110868865&gclid=CLaaoK2M_rwCFWvkwgodbV8A5Q

but I still need to get it signed by a notary or a lawyer, right?Suggestions for cheaper and easier hassle since I dont need the prenup, but I am also not the one with money.

[TBoneTX 45,155]

*** Thread moved from Off Topic forum to the Tax & Finances forum. ***

[Lynkali 163]

Here's how we did our pre-nup -- I can't say it was the cheapest option, but it was nice and easy for us at least, and I'm very happy with the outcome. It was also very fair and balanced and each of us feels well-advised on the legal issues of what we signed.

It's recommended to have two different lawyers throughout the prenup process -- one to represent YOU, and one to represent your spouse. Otherwise you risk a conflict of interest, and most ethical lawyers will not work on a joint prenup since it could be seen as very lopsided to have only one lawyer representing two different parties. There's also a legally binding one-week waiting period, at least here in California: you should have at least one week to read over the documents before signing. Our process took about 4 weeks from start to finish, but you probably could do it in two if you push it.

So: I (the US citizen) went to a lawyer here and had a rough draft of a prenup written up. (Week 1) Once my fiance arrived in the USA, he took the rough draft to a SECOND lawyer for a brief consultation. (Week 2) After they had gone through the prenup together and added in the small details about my fiance's assets, we took it back to my lawyer for compiling the final draft. (Week 3) Then my fiance returned to his lawyer for signing and notarizing, then I went to my lawyer for signing and notarizing, and we were done. (Week 4)

Cost: I paid my lawyer $1500 since he was the one to draw up the document, but that included all the revisions and notary/witness statements. My fiance's lawyer asked for $350 to go over the documents, advise and consult, and witness/notarize it. Total cost was $1850.

[timo900 0]

It still is pretty expensive, my whole green card processing amount..Waiting for other suggestions, thank you.

[cococacao 14]

Is it necessary to have two lawyers if only one party has assets? I'm in a similar situation as the OP. I'm a USC with lots of assets and my fiance will arrive here essentially penniless.

[aaron2020 11,651]

Hi,

For $150,000, he wants a pre-nup? That seems awfully low to justify the expense of a pre-nup.

California law requires you to have two lawyers. If English is not sufficient (to be determine by a court if there is a dispute on this), then you need a translator.

You can thank Barry Bonds and how he screwed his ex-wife, Sunny, a Swedish immigrant for the rules covering when is a pre-nup valid in CA.

[aaron2020 11,651]

Is it necessary to have two lawyers if only one party has assets? I'm in a similar situation as the OP. I'm a USC with lots of assets and my fiance will arrive here essentially penniless.

Its necessary in CA to have two lawyers. CA does not like having the rich spouse's lawyer screw over the poor spouse who would be giving up rights in the marriage. This is why both sides needs their own lawyers.

[aaron2020 11,651]

It still is pretty expensive, my whole green card processing amount..Waiting for other suggestions, thank you.

If the entire process is expensive, then why pay very high lawyers'fees to protect $150,000?

Just does not make economic sense.

[unsmiley 111]

Is it necessary to have two lawyers if only one party has assets? I'm in a similar situation as the OP. I'm a USC with lots of assets and my fiance will arrive here essentially penniless.

Yes get two lawyers.

You risk the prenup being nullified (and perhaps later challenged) if one party did not use one. Think about it: if, heaven forbid, you later get divorced, the party that did not have the benefit of an attorney can claim that they were railroaded, not adequately represented, misinformed, etc. when they signed it.

So both of you must be represented, by different people. And the one with the assets can pay for both lawyers if the other party cannot afford one.

[cococacao 14]

Yes get two lawyers.

You risk the prenup being nullified (and perhaps later challenged) if one party did not use one. Think about it: if, heaven forbid, you later get divorced, the party that did not have the benefit of an attorney can claim that they were railroaded, not adequately represented, misinformed, etc. when they signed it.

So both of you must be represented, by different people. And the one with the assets can pay for both lawyers if the other party cannot afford one.

That makes sense, thank you.

[genddob 10]

Of course, even if you are the lower income/asset spouse (or even particularly), you need your own lawyer to represent your interests. The best way to make the process faster and cheaper is to sit with your spouse and google prenups and come up with your answers as to how you want to handle things -

1. Do you each keep what you owned before the marriage or do you pool your assets at marriage time?

2. Do you expect spousal support if you divorce? The person with more money will likely prefer that you waive this but your lawyer should insist you keep it.

3. How marital assets are handled and how they are split in the event of divorce (sometimes decided by state law).

Also coming up with a detailed asset and income list before you get to the lawyer. List anything of value for the purpose of transparency.

Then the lawyer can just punch your info into their prenup template and if you already know how you want to handle things there won't be a lot of back and forth (and less billable lawyer time!).

My total cost for prenup preparation was around $1200, my husband's lawyer cost to review, make a few changes and sign was around $500. Well worth the money as we have a very uneven asset/income balance and both have considerable assets from pre-relationship that we would like to keep.

[genddob 10]

Oops - double posted

Edited July 1, 2014 by genddob

[IcezMan_IcezLady 582]

It still is pretty expensive, my whole green card processing amount..Waiting for other suggestions, thank you.

If I were you, I wouldn't be worried about the cost since you brought the whole prenup issue up.

If you wanna protect yourself then there's a cost.

I dont think you should even be the one to bring up the prenup if you have no financial assets to protect.

when you both get married, he is legally required to have assets obtained in the course of the marriage split into 2.

If I were you, I would keep quiet about money issues unless it is more important to you. I could be wrong but that's how it seems.

because this whole "marriage immigration" thing is risky.

You should be prepared to have an unfavorable reaction from him also...it is possible.

[CowBoE 429]

If I were you, I wouldn't be worried about the cost since you brought the whole prenup issue up.

If you wanna protect yourself then there's a cost.

I dont think you should even be the one to bring up the prenup if you have no financial assets to protect.

when you both get married, he is legally required to have assets obtained in the course of the marriage split into 2.

If I were you, I would keep quiet about money issues unless it is more important to you. I could be wrong but that's how it seems.

because this whole "marriage immigration" thing is risky.

You should be prepared to have an unfavorable reaction from him also...it is possible.

I think prenup can ban be used in both ways...

one to protect (your) asset,

and the other is to secure (someone else's) asset.

1. USC husband could have brought this topic and she is willing to go with it.

2. Or the foreign wife could have brought this up trying to secure certain conditions.

Roughly 50% of the marriage fail, so I think its very good idea to do prenup

to set clear understanding up front.

[IcezMan_IcezLady 582]

I think prenup can ban be used in both ways...

one to protect (your) asset,

and the other is to secure (someone else's) asset.

1. USC husband could have brought this topic and she is willing to go with it.

2. Or the foreign wife could have brought this up trying to secure certain conditions.

Roughly 50% of the marriage fail, so I think its very good idea to do prenup

to set clear understanding up front.

But the spouse usually gets half of marital assets so prenup doesn't "protect" you than to twist the hand of one person to part with property acquired before the union...that's all.