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Pre-nuptial agreements may help to determine the ownership of property and assets that are acquired before, during and after a marriage. Laws governing this agreement may differ from state to state. Below are 5 most frequently asked questions about pre-nuptial agreements. What laws does California have about pre-nuptial agreements?
A pre-nuptial agreement is used by a couple to help them decide what will happen to a property in case of a death or divorce. These agreements are contractual by nature. The state of California is a community property state. This means that the state considers anything that the couple may acquire during the course of the marriage as being owned by the couple and not by either individual. However, each partner may be permitted to own separate property. This kind of property includes anything that one may get as a gift or inheritance or anything that one may own before the marriage. Another kind of pre-nuptial agreement that is there is California is a full opt out agreement. The couple, in such situations, can state that the community property laws do not apply to them. In such cases, if there is a divorce, each party will get their own assets and nothing else. Is a pre-nuptial agreement required to protect one from the business debts of their future spouse?
Debt from before a marriage may be considered as separately owed. These debts and properties are clearly defined by pre-nuptial agreements. However, it may be safe to have a pre-nuptial agreement before marriage to protect one’s assets. One may also keep one’s wages, income and money from before the marriage into a separate account. Would the spouse be entitled to property that one buys from inheritance money from a non joint account?
If there is no pre-nuptial agreement, the only way to decide if the property belongs to only one person is to prove that it was brought without using any of the partner’s money. Property acquired after a marriage is considered to be community property by most states unless it can be traced back to only one spouse. Can a post nuptial agreement be created without an attorney?
It is not required for a post nuptial agreement to be created by an attorney if it has all the elements of a contract which includes offer, acceptance, consideration, mutual assent, legality and capacity. Besides these other elements of post nuptial agreements are:
• It should be written
• It should be voluntarily executed
• It should be fully disclosed at the time of execution
• It should be done consciously
• It should be done by both the parties involved. Can a couple create a legally binding contract instead of a separation agreement agreeing to give each other, each other’s assets?
Such an agreement may be called a post nuptial agreement. This is similar to a pre-nuptial agreement. However, it is signed after a marriage and cannot waive alimony. In most situations, this agreement is used for estate planning but may also be used by couples to divide rights and responsibilities. Since there are no rules about division of property and assets, it may be easy to create pre nuptial agreements. Though it is simple to draw these agreements, it can be difficult to be in agreement about the division of property. One may ask a family lawyer if one needs help regarding these agreements.
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