Since the spouses owe each other the highest legal obligation with regard to their respective fiduciary duties (Family Code §§ 720 and 721), they must each be fully aware of all the circumstances of the marriage and of all that the community (i.e. the couple) has acquired from the date of the marriage until the date of the agreement. whether they are assets or liabilities or obligations of any kind. Many couples in California have heard of and even thought about marriage contracts before getting married. However, many people are not as familiar with post-nosuptial contracts and their use, which are regulated by Section 1500 of the California Family Code. Marriage contracts are concluded before a marriage, in which the separate property of each future spouse, the division of property in the divorce, the maintenance of the spouse, as well as other conditions that the parties may include in the agreement, are determined. Marriage contracts require more reasoned negotiations than you might think. Post-uptial contracts are usually made in anticipation of separation or divorce. Post-uptial contracts can describe how assets are divided, custody of children, property separated, and various other provisions that ensure a pleasant separation of paths. A post-naptile pre-divorce contract supports the divorce process by doing most of the work required during the process. One of the steps, for example, is the division of assets.
Your post-marriage contract already specifies how the assets will be divided, which will save you this step of the divorce process. Spouses should be careful at the time and ensure that a prenuptial agreement is not presented to a party at the last minute before the couple`s wedding. This could be considered a constraint, and a prenup could be deemed invalid because a spouse may have felt that he or she had no choice but to sign it. While there is no rule or law that sets an absolute deadline for when one party should ask the other to sign a marriage agreement, it`s best to discuss an agreement earlier to make sure it`s valid. If you start noticing habits that you fear will jeopardize your assets in the future,. B for example if your spouse starts to go into debt or develop a gambling addiction, you can initiate a post-marriage contract to protect yourself later. You can also create a post-marriage contract if your financial assets change significantly. B for example when you start a new business that starts to start. If you and your spouse have a child, this could also be a reason to reconsider the idea of a post-marriage contract. In California, married couples can actually draft their own post-marriage contracts. This can be done via a document template or from scratch.
However, many requirements must be met for the agreement to be considered valid. Some requirements are easy to meet, while others are more subjective. If these conditions are not met, the agreement is not enforceable: To determine the validity of a post-marriage contract, the agreement must: A postnup can also be very useful for couples who want to end their marriage but cannot do so under California law. The post-uptial contract allows these couples to structure the settlement and divide property, income, etc. on their own terms. Ultimately, marriage and post-marriage contracts offer protection to both parties. If you want to know more about how this type of agreement can provide you with protection when your marriage ends in divorce, Benita Ventresca`s law firm can answer your questions and help you create a prenup or postnup that meets your needs. To schedule a free consultation, contact an experienced marriage contract attorney in Los Gatos, California at 408-395-8822. If you find that you are in that 7-day window and it is too late for a prenuptial arrangement, you may also want to consider a post-marriage or ”post-nup” contract. This is an agreement that takes place after the marriage has already taken place. The reasons for obtaining such an agreement would be the same as for a prenuptial agreement.
The thing to consider in a post-nup is that the marriage certificate establishes strict legal fiduciary duties between the couple and is highly scrutinized and often questioned. It is very important that a lawyer drafts this document or a prenuptial agreement. Post-uptial contracts are not suitable for all couples in California. However, if you think it might give you peace of mind about the future, take the problem to your spouse to see how he or she reacts. You can arrange both a meeting with a lawyer for more information and professional advice on prenuptial agreements to find out if any of them are right for you. If you decide to write a postnup, your lawyer can help you with legal documents. As with a marriage contract, in a post-marriage contract, the parties can also deal with issues such as spousal maintenance, property restructuring, inheritance tax, death benefits, pension benefits, health insurance, and even the payment of household fees. Often, this type of agreement also identifies that each party has separate exclusive ownership rights in their respective revenues and any purchases or profits of those separate revenues that are generally considered community property in California. Postnuptial contracts are intended to protect the property and property of one or both spouses if they believe that existing laws, such as the equal division of community property and the separate division of separate property, do not adequately protect or distribute property in the event of divorce. For example, one partner may develop heavy debt due to gambling addiction, and the other partner may want to make sure they don`t receive half the debt in the event of a divorce. Or a partner receives a large inheritance and then wants to make sure they don`t lose half of the inheritance in a divorce.
Whatever the reason for which the marriage ends, the marriage contract will be the guiding force of the judicial decision on the division of property and property. Before marriage, it is relatively easy to determine a separate property, so for this reason a marriage contract is considered valid. However, after years of marriage, separated property becomes divided and more difficult to separate. Unlike a matrimonial (or prenuptial) contract, which is a contract entered into before marriage by two people who want to marry and falls under Section 1615 of the California Family Code, a marriage contract is a contract entered into by people who are already married and want to establish things such as possible changes in the character of the community and separate property and other rights and Obligations. Both parties must be informed in advance of their assets and provide each other with complete financial information for a prenuptial agreement to be valid. If fraudulent information is provided or if material information about assets or liabilities is not disclosed, a judge may strike down the agreement. It is especially important to keep very detailed accounting and financial records that deal with all the businesses that were founded before and/or during the marriage. In California, all businesses formed during marriage are considered common property and must be divided between the spouses, unless otherwise dealt with in a prenuptial or postnuptial agreement. Prenups and postnups are becoming more common. Whether you neglected a prenuptial agreement in the days leading up to your wedding or want to plan ahead for a divorce, a prenuptial agreement can provide financial security and help avoid extensive litigation. Regardless of the spouses` income level, a post-nostalgic contract can protect any of their economic interests by deciding how matrimonial property is divided in advance – and outside the courtroom. If you receive a prenuptial agreement for your signature, it is highly recommended that you consult an independent lawyer to conduct a review.
The creator of the agreement is not your lawyer, and they cannot give you advice on which rights you can waive under the agreement. The creation of a post-marriage contract has no time limit. As long as your agreement meets California legal requirements, the courts will consider it valid, regardless of the length of your marriage. In fact, post-marriage contracts are more common among couples who have been married for years, as they better understand how much each party has to win or lose. Another reason why spouses may consider entering into a prenuptial agreement is when the financial situation changes significantly – for example, if one of the spouses receives an inheritance, has a career change, or experiences a significant increase. Although inheritances are considered separate property, they can sometimes be mixed or converted into matrimonial property, making them subject to the division of property upon divorce. If your spouses` behavior changes suddenly, if they become abusive or start abusing substances, this may be the time to consider a post-marriage contract to protect your property. .