Marriage carries with it numerous burdens and consequences that can substantially affect your property rights. Before getting married, you should have a firm grasp of what assets and debts you have, what assets and debts your future spouse has, and what you can expect your financial future to look like if the marriage fails for any reason.
California has specific laws dealing with different types of property, and once you are aware of these laws, you may be able to organize your financial affairs in such a manner as to maximize your wealth without the need for a premarital agreement. On the other hand, finances are a chief source of arguments during marriage, and a carefully thought out financial plan can provide both parties with peace of mind. Instead of focusing on money, the couple can focus on enjoying their relationship.
This is one of the key benefits to a premarital agreement. Another more basic benefit is the preservation of rights and the limitation of exposure to the risks of litigation. If you are contemplating marriage and do not know all of your legal rights, time is of the essence, so please contact us for a free initial consultation.
If you do not have a premarital agreement and are facing a divorce, the division of your marital assets and debts is critical. Over the past 30 years, community property law has “evolved” with statutes and cases. With so much at stake, you should not entertain any settlement on property issues until you have consulted with an experienced family law attorney. Whether you have a home, a business or debts in one or both party’s names, please contact us for a free initial consultation.