Prenuptial Agreement / Amending, Resolving Difference / Liquidated Damages
The typical Prenuptial Agreement includes provisions for the agreement to be amended at a later date, although these agreements are rarely amended. The signatures of both spouses on a formal amendment is usually required.
Upon occasion, the parties will also include a process for resolving differences, such as requiring mediation and even less often, the parties will include a liquidated damages clause. These basically are provisions that are added that state that in the event of any breach of the agreement that actual damages would be difficult if not impossible to reasonably assess, therefore a set amount of “liquidated damages” are agreed to in advance to have to be paid by the party violating the agreement.
Craig J. Bauman, Attorney at Law (858) 488-1497