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ER, marriage, and community property states
Old 04-15-2004, 04:04 PM   #1
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ER, marriage, and community property states

I do consulting work about 10-15 hours per week, and expect this to tail down close to zero in the near future. Piggy bank has enough in it to last me approx 40 years, assuming a comfortable but not extravagant lifestyle. That is, if it was just me. But life is not that simple ...

My girlfriend is 11 years younger than me, has some assets, but will need to work for a while yet. The question of marriage has cropped up, but California is a community property state. As I understand it, this means that income earned after marriage becomes joint property. However, I neither need, nor want, rights to half her earnings should we decide to marry, then split up at some point in the future.

I have to believe that we are not the first people to come across this issue. Does anyone have any ideas about how to keep 'his' and 'hers' separate?

Peter
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Re: ER, marriage, and community property states
Old 04-15-2004, 04:58 PM   #2
 
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Re: ER, marriage, and community property states

Seek Legal counsel and a Pre-nup!
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Re: ER, marriage, and community property states
Old 04-15-2004, 05:24 PM   #3
 
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Re: ER, marriage, and community property states

I wrote our prenup, and my will, and I have handled the last 5 real estate transactions without legal counsel.
Anyone with a little experience can do this stuff.
My wife and I keep all of our finances completely
separate. I expect at some point this will change,
but for now....................

John Galt
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Re: ER, marriage, and community property states
Old 04-16-2004, 06:53 PM   #4
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Re: ER, marriage, and community property states

John, Cut-Throat, thanks for the observations. My understanding is that you can say what you like in a pre-nup, but community property is community property.

There's a lot to be said for 'living in sin' ... !

Peter
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Re: ER, marriage, and community property states
Old 04-16-2004, 07:05 PM   #5
 
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Re: ER, marriage, and community property states

Hello Peter! Yes, a case can be made for "living in sin".
However, with a solid prenup and no commingling
of assets, I think you should be okay. Of course,
we all hope the prenup will eventually be of no
importance whatsoever.

John Galt
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Re: ER, marriage, and community property states
Old 04-17-2004, 04:50 AM   #6
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Re: ER, marriage, and community property states

We've been 'living in sin for 28 years and counting' - so far so good.
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