Prenuptial Agreements in California
California is one of nine states in the country that is a community property state. The concept of community property is that property accumulated while married is considered community property— owned jointly by both spouses. Upon divorce or separation, all such property is divided equally. The law presumes property acquired during the marriage to be community property, unless one of the parties presents evidence demonstrating a particular piece of property is separate property. At Schlecht, Shevlin & Shoenberger, A Law Corporation we protect your interest in separate property by careful drafting of prenuptial agreements.
California recognizes the terms of prenuptial agreements when parties divorce as a blueprint to division of property and other considerations. To be effective, key components must exist for a valid and enforceable prenuptial agreement:
- The agreement must be in writing.
- It must be signed by both parties.
- Consideration for the agreement must be given.
A common belief is that a prenuptial agreement covers only division of property and assets. This common misconception is almost as popular as the misunderstanding that prenuptial agreements are only for the wealthy. Neither of these misapprehensions is accurate. A prenuptial agreement is appropriate for persons of all financial and public or private status. Consider the following common issues covered by these agreements:
- Division of property acquired by either party, at whatever time
- The right to buy or sell real property, and control of that property
- The ability to receive benefits from a life insurance policy
- The content of a will or trust, and the rights and responsibilities of the making of such an agreement
If you are considering a prenuptial agreement, or have been presented with one for signature, call a family law attorney for thorough review. Call us to schedule an appointment with a family law attorney with experience negotiating these agreements, and skilled at interpretation of the terms presented. Call an experienced family law attorney for advice surrounding prenuptial agreements.
For more information about this article, contact Schlecht, Shevlin & Shoenberger.