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Acknowledgement of Rights and Obligations Page 1 of 3 ACKNOWLEDGEMENT OF RIGHTS AND OBLIGATIONS RE: POSTNUPTIAL AGREEMENT REVOCATION BETWEEN: AND . I , hereby acknowledge my understanding of the following rights and obligations of the parties to a Postnuptial Agreement under the laws of the State of California: 1. ASSETS California is a community property state. All property acquired by a married person during their marriage while living in California is presumed to be community property. Upon death or divorce, the value of all community assets is divided equally in terms of value between both spouses. Both marital partners are equal agents of the partnership, and able to bind the partnership if acting within the scope of his or her authority and if acting for the joint benefit of the family. The California community property system adds to joint ownership the right of equal management and control. All benefits which come from either spouse's employment during the marriage are community property to the extent they are earned and/or accrued during the marriage. This can include retirement benefits, pensions, savings plans, stock purchase plans, 401k plans, sick and vacation pay, and stock options. If the benefits are not fully vested at the time of a separation, an allocation is made between the community and separate interests. Separate property is property: a) owned before marriage, b) acquired during marriage by gift or inheritance, or c) acquired after separation. Earnings, income or appreciation from separate property sources remains separate property. If there is a dispute about whether an asset is separate property, you must have proof that you acquired the separate property in one of these ways, and have documentation to trace the separate property back to the original source. If you use separate property to acquire property in joint names during the marriage, you are only entitled to reimbursement for the amount of the separate property contributed (no interest or appreciation) and again, you must be able to trace the contribution back to the separate property source. If you own a business prior to marriage, the community may acquire an interest in the business if the business increases in value during the marriage, depending upon the reason for the increase in value.
All community property, regardless of date of acquisition, is subject to California's 6% "one person, one vote" principle. Each spouse owns one-half of the community plus one share of separate property (which is called the “joint venture") unless and until their separate property is acquired. Joint venture rights are acquired through a marriage and can only be terminated by a divorce. . California also follows a similar one-half ownership rule. Unless and until a joint venture is acquired, the spouses own their equal interests and share equally in each other's separate property. The one-half rule is usually applied when either spouse contributes joint venture capital to the partnership or when the two spouses invest a portion each in a “passive" venture without having to "own" the investment. In this case, the one-half rule applies and the community owns one-half the business while the separate property is divided equally between the spouses. If you live in california and have lived in the United States for the 12 months preceding your marriage, your spouse inherits your community property after the death of your spouse, unless there was a joint venture, or you purchased each others separate property. This is very important for joint venture investors and retirees. In other words, they want to know that each spouse receives their fair share of the success of each business venture to which they invest in.