Thousand Oaks Pre-Marital Agreement Lawyer

Thousand Oaks Pre-Marital Agreement Attorney

Premarital agreements, also known as prenuptial agreements, are contracts entered into by a couple prior to marriage to define and/or alter their legal rights in the event of a divorce or death. At a minimum, a premarital agreement can clearly define the separate property that each party owns prior to marriage in order to keep that property separate after marriage. A premarital agreement can also alter the rights that people would otherwise normally acquire as spouses under California’s community property laws.

Under California law, all property that is acquired by either spouse during a marriage becomes community property, meaning it belongs equally to both parties. This includes all forms of income, real estate, retirement accounts, investments, and more. It also includes increases in the value of property that was owned separately prior to marriage. It does not include assets that are acquired by gift or inheritance during a marriage; those remain the separate property of the spouse to whom they were given so long as they are not commingled with other community property.

Benefits of a Premarital Agreement

A premarital agreement can specify that certain assets or debts will remain the separate property or obligation of one of the spouses even after marriage. It can specify that other assets or debts may become community property if the parties choose to jointly designate them as such. Premarital agreements can also limit the amount and/or duration of spousal support that might be paid in the event of a divorce in Thousand Oaks, CA. Premarital agreements cannot address issues of child custody, child visitation, or child support. They also cannot include “lifestyle clauses,” such as provisions that one party would suffer financial consequences in the event of infidelity.

Real-Life Examples of Premarital Agreements

For instance, if Husband owns a house prior to marriage, a premarital agreement can say that house will remain his separate property, whereas under California law, if he makes mortgage or other payments toward the property with his income after marriage, Wife would otherwise acquire a partial community interest in the property based on its increased equity. Likewise, if Wife owns a business prior to marriage, a premarital agreement can say the business will remain her separate property, whereas under California law, Husband would otherwise acquire a partial community interest in the business based on the efforts Wife puts into working at the business after marriage. Premarital agreements can also say that certain assets, such as bank accounts the parties choose to put in joint names or real estate they put in joint title, will become community property, while other assets that remain in their separate names will remain separate.

Why You Need an Attorney for a Premarital Agreement in Thousand Oaks, CA

Premarital agreements can be a valuable tool in protecting your property and avoiding litigation after a divorce or a spouse’s death. Because there are very specific requirements for a premarital agreement to be legally enforceable in California, it is important for each party to retain an attorney to represent them in the process. McFadden Family Law & Mediation writes and reviews premarital agreements for people who choose to take this step prior to entering what is perhaps the most consequential legal contract of their life: a marriage. Premarital agreements are sometimes misunderstood to be unromantic, but in reality they can be a valuable tool to help you and your future spouse cooperatively agree upon important financial issues that will prevent conflict down the road.

Contact a Thousand Oaks Premarital Agreement Attorney Today

Protect your assets and plan for the future with a customized premarital agreement. McFadden Family Law & Mediation is here to help. Contact us today for a free consultation!