Marital Property Agreement

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What Is Marital Property?

Marital property is any asset acquired by either spouse before or during the marriage. When you wed someone, your property becomes their property. Some examples of marital property include:

Even if an item, such as a car or house, is purchased prior to the wedding and is titled in only one spouse’s name, it becomes the joint property of both spouses when they marry.

Each spouse has a 50% interest in the marital property.

What Is a Marital Property Agreement?

A marital property agreement is a formal agreement that the spouses sign that classifies the ownership interest of any property. The spouses can also specify what happens to the property in the event of divorce or death. A marital property agreement is similar to an estate plan and provides the court with guidance on how to divvy up assets.

The spouses can enter into a marital property agreement before or during the marriage. Spouses often enter into these agreements when filing no-fault, uncontested divorce petitions. These divorce agreements are often called marital settlement agreements. The parties are essentially agreeing to settle who owns what prior to finalizing the divorce.

What Is Included in a Marital Property Agreement?

The circumstances of the marriage and the property owned by the parties will dictate what will be included in a marital property agreement. However, common items covered in a marital property agreement include:

Do I Need a Lawyer to Draft a Marital Property Agreement?

Marital property agreements are contracts, and they are binding. You want to make sure that the agreement covers everything in the event of an issue. An expert divorce lawyer can help you draft a marital property agreement and then enforce the agreement should divorce or death result.

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Last Modified: 05-04-2015 03:39 PM PDT

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