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Some California couples look to postnuptial for property division

Perhaps the wedding bells rang not too long ago, or perhaps they rang several years ago. Regardless of when a California couple was married, there are circumstances in which they may decide that they need to address property division issues even if a divorce is not being considered. In this case, a postnuptial agreement may be in their best interest.

One situation in which the couple may decide that they need to address property division is when they have children from a previous relationship. In many cases, each spouse possessed assets prior to the marriage. Regardless of whether these assets are in the form or jewelry, real estate, stocks or bank accounts, they will want to establish how these assets are to be treated.

In this case, they may want to set aside assets owned prior to this current marriage. With the postnuptial agreement, each spouse expresses their understanding that these specific assets are part of the other spouse's estate and agree to not attempt to claim ownership of these assets. A postnuptial agreement can specify that these assets are not a part of the joint estate and thus belong to the children in the event of death or divorce.

While most California couples would prefer to address these issues relating to property division prior to the marriage, some may decide that this is something that should be addressed after the fact. In this case, a postnuptial agreement may be the answer. Attorneys well-versed in these documents will be able to guide each individual through this legal process.

Source: dailylocal.com, "Colliton: Marriage vs. cohabitation can be a hard call for seniors", Janet M. Colliton, Aug. 1, 2016

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