Wake North Carolina Postnuptial Agreement to Convert Separate Property into Community Property

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Wake
Control #:
US-02772BG
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Description

A postnuptial agreement is a written contract executed after a couple gets married to settle the couple's affairs and assets in the event of a separation or divorce. Like the contents of a prenuptial agreement, it can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce, death of one of the spouses, or breakup of marriage.


Community property refers to the system in some states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin) for dividing a married couple's property in a divorce or upon the death of one spouse. In this system, everything a husband and wife acquire once they are married is owned equally (fifty-fifty) by both of them, regardless of who provided the money to purchase the asset or whose name the asset is held in, with the exception of inheritances, specific gifts to one of the spouses, and property and profits clearly traceable to property owned before marriage, all of which is separate property.


Community property recognizes the equal contribution of both parties to the marriage even though one or the other may earn more income through employment. By agreement or action the married couple can turn (transmute) separate property into community property, including by commingling community and separate funds in one account.


A community property agreement is allowed in some states to change separate property to community, or vice versa, if the spouses agree in writing. The laws may also permit a transfer of the community property at death to the surviving spouse. Laws vary by state, so local law should be consulted for specific requirements in your area.

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FAQ

Get it in Writing California law requires that post-nuptial agreements adhere to the same requirements as other legal agreements. Thus, any post nuptial must be written and properly executed in order to be enforceable in court.

Pre or postnuptial agreements are known as Binding Financial Agreements. Binding Financial Agreements allow parties to contract out of the Family Law Act and come to their own agreement as to how their property will be divided if the marriage breaks down.

All property that a couple acquires during marriage is considered marital, or community property in California. A couple's community property must be divided equally if there is no written agreement (such as a prenuptial agreement) requiring a particular division of property.

MICHIGAN POST-NUPTIAL AGREEMENTS. Michigan postnuptial agreements are designed to protect the property and property rights of each spouse if the marriage ends due to separation, divorce, or death. By law, prenuptial agreements are finalized before marriage, and postnuptial agreements are settled after marriage.

If you can't get divorced in another state, you might be able to sidestep California's community property laws if you have a prenuptial or postnuptial agreement. These are private contracts between you and your spouse. A prenup is executed before you get married, while a postnup is done after you've tied the knot.

California is a community property state. This means that in general, property acquired by either spouse during a marriage is presumed to be equally owned by both spouses.

An asset is deemed to be divisible community property if it was acquired after the parties got married and before the date of their final separation. Conversely, assets that do not fit the California community property definition are not subject to equal division upon divorce.

Court Approval Is Necessary Prenuptial agreements are entered into before marriage, and they are presumed valid without court approval so long as they comply with California prenuptial agreement law. Postnuptial agreements, however, are not presumed valid until the court has approved them.

A premarital bank account belonging to one spouse can become marital property if the other spouse makes deposits to it; a house owned by one spouse alone can become marital property (either in whole or in part) if both spouses pay the mortgage and other expenses.

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Wake North Carolina Postnuptial Agreement to Convert Separate Property into Community Property