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At any time after
marriage, the spouses may enter into a postmarital agreement
which partitions or exchanges between themselves all or part
of their community property, then existing or to be acquired
as the spouses may desire. Once the property is partitioned
or exchanged it becomes a spouse’s separate property.
The partition or exchange of property includes future earnings
or income arising from the property as the separate property
of the owning spouse, unless the spouses agree future income
and earnings will become community property. Furthermore,
in a post marital agreement, the parties may agree that all
or part of the separate property owned by either or both of
the spouses is to be converted into community property. The
requirements for preparing a post marital agreement are virtually
identical to the requirements for preparing a premarital agreement.
Over the years, parties financial needs frequently change
during the term of the marriage. While the parties wish to
remain married, they frequently wish to address specific separate
financial needs. For example, one party to a 10, 15, or 20
year marriage may have a relative who is going to require
special needs care for many years to come. Rather than burdening
the entire community estate, frequently the parties will partition
their community property into two separate estates, so that
the one person with the special needs relative can make particular
arrangements for that person and the other spouse’s
property is free. Also, frequently couples that have been
married for many years will have acquired houses, ranches,
and businesses that need special attention. Frequently it
is easier to manage those properties by partitioning them
in a manner that fits the party’s particular needs.
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