Marital Property Agreements

In this age of second marriages and blended families, individuals with significant assets coming into a marriage often use a "Marital Property Agreement" or "Prenuptial Agreement" as a valuable tool in structuring their new life. Such an Agreement materially alters the way in which the new married couple will hold and manage their assets so that each person will maintain control and ownership over their separate property. Thus, by using such an Agreement, the parties are agreement that in most instances they will not own community property and eacy waives their right to claim such an interest in the other's property. In order for the Agreement to be legally effective, two attorneys are required - one for each intended spouse. One attorney is the primary drafter of the Agreement and the other provides his or her input on revisions they deem to be required. Each attorney represents their client in these negotiations and when the Agreement is fully drafted, to the satisfaction of all parties and their legal counsel, each attorney must then sign a "certification" attesting to that representation and that the attorney has advised his or client on the matter and fully explained the meaning and legal effect of the Agreement. Attached to the Agreement are two disclosures of assets and debts of each prospective spouse. This is their "good faith" disclosure as they come into the marriage. The Agreement should be prepared and signed prior to the marriage taking place -- ideally several weeks beforehand. If the marriage does not take place, then the Agreement has no force or effect. If the couple should marry BEFORE the Agreement is signed, then a post marriage Marital Property Agreement should be prepared and executed as soon as possible. Wilcox & Peirano LLP will be happy to represent either prospective spouse in the negotiations and drafting of such an Agreement.