If you plan to be married, you should consider a marital agreement to control the retention or disposition of your assets. This is not just for the very wealthy, and does not mean you are planning for divorce. It is particularly important if you have substantial premarital assets, whether earned or inherited, if you own a closely-held business, or if you have children from a previous marriage.

Although it is easier and wiser to enter into such an agreement prior to marriage, it is possible to create separate property at any time during a marriage.

If you do not have such an agreement, all assets earned by both spouses constitute community property. One-half of all community property which exists at the time of death of one spouse, is the property of the surviving spouse, and does not become part of the decedent's estate.