The creation of a prenuptial agreement is important for people of all income levels when getting married in California. This document will protect not only you but your assets and the assets of your future spouse. This process is only effective when you disclose all of your assets on the financial statement. Let's take a look at what assets you must disclose to ensure the agreement is valid.
You need to disclose every single penny of your gross monthly income from every single source. So, if you work multiple jobs, you need to provide the amount from all of those jobs, disability payments or severance payments.
You then need to disclose the deductions taken from all your gross income sources. This includes Social Security, state tax, federal tax, union fees, self-employment tax, health insurance, retirement contributions and more. You can then calculate your net monthly income on the financial statement.
The next step is to disclose all of your liabilities and assets. You need to list every piece of debt you have as well as any properties, cars, boats, helicopters, motorcycles, planes and other assets to your name.
Once the liabilities and assets are added to the sheet you can determine your net worth, which will be your net income plus assets minus the liabilities in your name.
There are plenty of requirements that need to be met in order for your prenuptial agreement to be considered valid in California. Make sure you disclose all of the assets that are in your name so you do not waste time putting together an agreement that winds up being invalidated.