California couples who are currently married may want a way to protect assets that have been accumulated during their time together. This may be done by creating a postnuptial agreement. It may be beneficial for couples who are trying to be more responsible with their money or who have decided to start a business together. Those who are expecting to receive an inheritance may want to clarify how it would be treated in the event of a divorce.
Both spouses may want to hire their own legal counsel to review the document before it goes into effect. Furthermore, it may be a good idea to take family dynamics into account when crafting its terms. For example, couples who have adult children may want to consider how they may be impacted if a business were split in a divorce.
If a couple wanted to pass their company to their children, that should be addressed as part of the postnuptial agreement. Individuals will also want to consider how they will handle their finances as they get older. A postnuptial agreement could allow a couple to determine today where they want to retire or if one spouse will continue working after the other retires. Addressing these and other issues now could prevent conflicts in the future.
The end of a marriage may have both financial and emotional consequences. With a postnuptial agreement, couples may be able to determine how to divide assets or debts that were accumulated during the relationship. Each party should have separate attorneys that can assist in its preparation and review.