QuestionDear Sir or Madam,
Could you please tell me the purpose of a prenuptial agreement? The statutory law in my state clearly states that any assets a man or woman brings into a marriage remain that person's assets at the time the marriage is terminated. The only assets to be divided are those that either party gains during the course of the marriage. I checked the law in California, the most liberal of states in such matters, and the same principle applies there also: community property is defined by statute as that obtained by either party in a marriage. Property obtained before the marriage is specifically excluded. So why do people bother with prenuptial agreements? Is it just a way for lawyers to make more money? Any information you can give me would be greatly appreciated.
Best regards,
Martin Peterson
AnswerDear Martin,
Prenuptial agreements are not just about property. They are also about finances, prior marriage obligations, debt and the couples wishes to, should a divorce occur, how they would distribute the marital property.
Property that is obtained before marriage..let's say a house can become "transmutated"..meaning, if you bought a house or are even making payments on a house that is solely in your name, and then you marry and your wife adds to home improvement (interior decoration, furniture, gardening, etc....) she now has an investment in the value of the property. Should you divorce, she may petition the court to receive some of the income form the sale of the home.
To read more about why prenuptials are a good idea visit www.equalityinmarriage.org's "Before Marrying" section.
