Massachusetts Prenuptial Property Agreement Designating Status of Separate and Community Property
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How to fill out Prenuptial Property Agreement Designating Status Of Separate And Community Property?
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FAQ
Massachusetts law does not differentiate between separate property and marital property. In the event of a divorce, the court has the authority to divide all the assets owned by the couple including inherited property in a fair and equitable manner.
A few states recognize the concept of community property, in which most everything is jointly owned and equally split between the parties. Massachusetts, however, is not one of those states.
What is Marital Property? In Massachusetts, marital property includes all items, interests, and possessions attained by a couple during their marriage. Marital property in Massachusetts is not considered to be property that is acquired by any party before the marriage began.
Generally, a prenuptial agreement sets forth how the marital assets will be divided in the event of divorce or either spouse's death. It can also address what assets remain the separate assets of each spouse and what happens to the appreciation in value of the separate assets.
Massachusetts is not one of the community property states that consider all marital property to be owned by both spouses jointly in a 50-50 manner. Rather, Massachusetts requires you to divide your property in a fair and equitable manner, which may or may not entail a 50-50 split between you.
Marital Property and Separate Property However, a court will usually, but not always, award separate property to the original owner in a divorce--separate property is property one spouse owns before marriage, or acquires by gift or inheritance during the marriage.
If you do not enter into a prenuptial agreement before you get married you will automatically be married in community of property. This means that: All debts and assets of both parties are joined into what is called a 'common estate', which is owned equally by both.
Generally, separate property is a property that one spouse owned before the marriage. Community property is property gained during the marriage. A prenup agreement can override the community property laws in California. For example, a prenup agreement could treat each spouse's separate property as community property.
Assets including property, debts and income are usually covered in a typical prenuptial agreement to help couples avoid any financial surprises if the relationship were to break down in the future.
Is it guaranteed? Never! A Massachusetts Court can find a prenuptial agreement unenforceable for a wide array of reasons, which range from commonsensical to technical. Prenups only offer the intended protection if properly drafted under Massachusetts law, and are fair at the time of signing and enforcement.