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What matters in marital property agreements
One purpose of marital property agreements is to reach agreements as to the characterization of property (separate or community) and division of property upon divorce or death. Parties may execute these agreements before or after the marriage.
In addition, such agreements may contain terms for the management of property during marriage and may provide for or exclude post divorce support of a spouse.
Couples should consider a prenuptial agreement if:
- one or both spouses are bringing significant assets into the marriage;
- one or both spouses are remarrying; or
- one or both spouses want to protect their separate estates or family wealth.
Some issues commonly addressed are:
- which property will remain separate property;
- which property, if any, will become community property;
- what happens to death benefits if a spouse dies;
- duration and amount of spousal support, if any;
- division of assets and liabilities in the event of death or divorce; or
- payment of recurring expenses, such as, living expenses.
It is imperative to consult a lawyer to ascertain which factors would affect your specific case.