San Mateo California Family Law Blog

Creating a prenuptial agreement is a good idea for many California couples. However, maybe you did not think you needed one or did not understand the full range of benefits associated with a prenup. Even if you initially decided against a prenup, it is not too late. You can still address family law matters like property division and more through a postnuptial agreement.

Postnuptial agreements are signed after you and your spouse have already tied the knot. Deciding that you want a postnup is not a sign that you are headed toward divorce, so you probably should not feel worried even if your spouse is the one to bring up the subject. In fact, postnups usually address many of the same topics that prenups do. Here are just a few reasons why you might want a postnup:

• You need to designate assets for a child from a past relationship.
• You want to create an official line of support for an arrangement or understanding regarding finances, marriage counseling or more.
• You need to designate which property is separate and which is marital, or you need to change the character of your assets.

Minimizing expenses, time management and conflict is high on the list of priorities for many California couples who are ready to end their marriages. However, popular media often likes to portray divorce in a singular way -- litigious, costly and time-consuming. This does not have to be your reality. Depending on your situation, mediation could provide a meaningful alternative to approaching divorce.

As a form of alternative dispute resolution, mediation seeks to help divorcing couples negotiate their own settlements. While you might have previously believed that only a judge could create a divorce settlement, you and your soon-to-be ex-spouse understand your situation more than anyone else. Using mediation lets you keep control over the outcome of your divorce and agreements.

Dividing assets can be a difficult process. Most people want to get through the divorce process as amicably as possible and reach a fair agreement. Property can be a particularly challenging issue, but California law has measures in place to ease the difficulty.

A schedule of assets and debts form that each party completes to disclose all property and finances to each other. The purpose of this exercise is to assess how each spouse values the assets of the marriage and whether both parties consider certain assets joint or “community” property. This allows each side to see what issues still need resolution and whether they will require litigation. A court’s interest is coming to an agreement that is fair and as equitable for both sides.

Divorce is an unavoidable part of life for some people, but it does not have to be a wholly negative experience. While many California couples understandably struggle with the emotional aspect of ending a marriage, a measured and careful approach to property division can make the legal side of things somewhat easier. However, even those individuals who are focused on preserving their financial stability after divorce can overlook something very important -- retirement.

Whether retirement is a matter of years or decades away, the importance of planning cannot be understated. Divorce can impact a person's retirement readiness, but there are ways to minimize this impact while also preserving other measures of financial stability. A good first step for anyone is to understand the types of retirement accounts they have and how they are handled. For example, while an individual retirement account -- an IRA -- only lists one person's name, the contents may still be considered marital property.