Once a couple has decided that they would like to make their relationship permanent, a discussion of finances becomes crucial. This is often difficult. Money is usually a sensitive issue in relationships and many times partners have divergent views.
Clear understanding and agreement should be reached on the management and disposition of all real estate, income streams, deferred benefits, and all other assets whether separate or community. There are several key points to keep in mind. First of all, the agreement must be deliberately conceived and completely voluntary. Full disclosure of all assets and debts is required. It must be drawn up to give each party adequate time to carefully review. It is important that the agreement be just and fair-minded in order to ensure that it will not be overturned in a legal challenge. To be safe, it is a good idea to video record the execution ceremony as evidence that it was signed voluntarily by competent parties. At The Law Collaborative, we help mediate, negotiate, and review Prenuptial Agreements and Post-Nuptial Agreements. Call us for more information or visit the relationship planning section of our website.