Redondo Beach Divorce Lawyer: More Frequently Asked Questions – Prenuptial Agreements
One of the biggest reasons why divorce gets complicated is asset division. The assets originating from either party often become what is known as marriage property, a collective of assets from either side now considered as one. During a divorce, the division of these assets often end up complicating the process.
But, divorcing couples can actually prevent these complications from happening well in advance. That is what a prenuptial agreement is supposed to accomplish.
In Part 2 of our frequently asked questions about the divorce process, we are going to examine some more common questions about prenuptial agreements.
More Frequently Asked Questions ~ Prenuptial Agreements
What is marital property? What are the terms of dividing marital property or other types of property in an ending marriage?
Marital property is any property gained by either party during the course of their marriage, unless specified by either party otherwise. Money earned during a marriage (and stored in joint checking account) and any assets bought using such money is considered marital property.
If a couple chooses not to get a prenuptial agreement before marriage, any property they co-own during their marriage is subject to division by the state. State laws, specifically those regarding divorce, determine who owns property acquired during the course of a marriage. They also may decide what happens to said property at the time of divorce or the death of either spouse.
The terms of a prenup essentially help couples successfully divide their property in case of a divorce or other instance of legal separation. However, if they do not have a prenuptial agreement, what belongs to either party is generally decided by the terms of their marriage.
In a marriage, either party has a right to the marital property.
They have the right to share ownership of property they may acquire during a marriage, particularly with the expectation that they will be divided in the event of a divorce or the death of either spouse. Either spouse also has the right to incur debts and share and/or control the management of any marital/community property.
Will the courts look at our prenuptial agreement, should we have one?
Jurisdictions are actually opening up toward prenuptial agreements as they become more common among couples planning to marry. Although the social implications of a prenuptial agreement were said to deter courts from honoring them, nowadays, more courts are willing to uphold prenuptial agreements for those who draft them.
Couples who do choose to have a prenuptial agreement drafted should ensure their contract is written in easy to understand terms that are also legally sound. It is also advised to have a lawyer look over the terms to ensure the terms have legal basis.
Divorce Lawyer – Redondo Beach Lawyer Help For Prenuptial Agreements
Sometimes, issues with the terms of a prenuptial agreement may occur long after the contract is drafted. Therefore, you will likely need a divorce lawyer to resolve any problems regarding your prenuptial agreement.
Contact us for a free consultation or more information regarding our Redondo Beach Divorce Lawyers or other questions about potentially hiring a lawyer for resolving issues with prenuptial agreements.