Filing a Community Property Agreement: A Guide for Couples
If you`re married or in a domestic partnership, you may have heard of a community property agreement (CPA). This legal document allows couples to specify how they want their property to be divided in case of divorce, separation, or death.
Unlike common belief, a CPA doesn`t automatically make all your assets joint property. Instead, it creates a legal framework that guides the division of assets should something happen to the relationship. Think of it as a prenup, but for couples who are already married.
But how do you file a community property agreement? Here`s what you need to know.
1. Draft the agreement
The first step is to draft the CPA. You can do this with the help of a lawyer or by using a template available online. Remember that a CPA needs to be a legal document that outlines each spouse`s property rights and obligations.
In general, a CPA should include:
– A list of all the assets that each spouse currently owns and any future assets that they may acquire.
– A statement that all the property listed in the agreement is community property.
– A provision for the division of property if the relationship ends.
– A statement that each spouse has the right to dispose of their share of the community property as they see fit.
2. Sign the agreement
Once the CPA is drafted, both spouses need to sign it in the presence of a notary public. This is important because a CPA is only valid if it`s signed and notarized. It`s a good idea to keep a copy of the CPA in a safe place.
3. File the agreement
The final step is to file the CPA with the county clerk`s office in the county where you live. This is necessary to make the agreement legally binding and to protect your property rights.
Keep in mind that filing a CPA may come with a fee, which varies between jurisdictions. You can contact your local county clerk`s office or consult with a lawyer to find out how much the filing fee is in your area.
Conclusion
Filing a community property agreement is a responsible step for couples who want to protect their assets and ensure a fair division of property in case of any unforeseen event. While you can draft a CPA on your own, it`s recommended to seek legal advice to ensure that the agreement is legally valid and tailored to your specific situation.
If you`re considering filing a CPA, consult with a lawyer or a notary public who specializes in this area to guide you through the process. In any case, filing a community property agreement is a smart investment in a harmonious future.
