Do You Need A Pre-Nup?
Just the words “pre-nuptial agreement” can spoil the romance of an engagement. It sounds to many like the first steps to a divorce before a couple even says, “I do.” However, a pre-nuptial agreement can be the first step in financial planning for a soon-to-be married couple.
Separate or joint bank accounts? Who pays for repairs on a house owned by one spouse? Who will pay for debts incurred before a marriage? Will expenses be split equally? Will an inheritance remain separate property? All of these topics can be addressed in a pre-marital agreement.
Why would a couple need a pre-marital agreement if they can come up with their own plan for financial issues that arise during a marriage? California law already has a plan in place for married couples that dictates how finances are handled on death and divorce. Community property is one of the primary theories governing the finances of married couples in California.
Under California community property rules, on the date a couple marries, they have created a community. From that first day of marriage, all of the income made by that community belongs to the community. If the separate business of one spouse makes money, that income may belong, not only to the business owner spouse, but to the community. If one spouse actively trades stocks, that income could belong to the community. If one spouse takes on a debt during marriage, that debt may belong to the community. Changing these community property requires a written pre-marital agreement.
In a pre-marital agreement, provisions could specify that a large inheritance of one spouse remain the separate property of that spouse, even if it makes income during the marriage. Additional provisions could provide for a business owned by one spouse to remain the separate property of that spouse in the event of a divorce.
Although a great tool for marriage planning, not every couple may need a pre-marital agreement.
The Keller Law Firm is located at 28005 Smyth Drive in Valencia. For more information, please call 661-291-1631 and visit www.kellerlawfirm.com.
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