If you’re preparing to get married, your parents may be advocating strongly for you to get a prenuptial agreement. They may be insisting on it.
While you may not think you have enough money or other assets at this point in your life to make that request of your partner, you may not know everything that could be at stake – particularly since California is a community property state.
Are you a beneficiary of the “Great Wealth Transfer?”
People born before 1970 are predicted to pass on somewhere between $30 and $68 trillion to their children in what’s been termed the “Great Wealth Transfer.” It’s possible that your parents have a trust in your name or perhaps some kind of family trust that they want to protect if you later divorce. If you have a stake in the family business, that could be subject to property division as well.
You have a right to know what it is you’re seeking to protect before you ask for a prenup. Many people appreciate having the excuse that their parents are “making” them get a prenup when they bring up the subject.
Why you can’t pressure someone into a prenup
It may be wise to get your parents’ input on what assets could be on the line so that your prenup can be written in a way that will protect them. However, that should be where their input ends. The rest should be between you and your spouse-to-be, and your separate legal representatives.
You (and your parents) can’t put too much pressure on your future spouse to sign a prenup. That’s one of the reasons why prenups (or portions of them) are sometimes ruled invalid by courts. Both parties need to ensure that their interests are protected and that the document is fair to both. A well-crafted prenup does just that.