My parents own some rental properties. They have placed them under a living trust so that they would pass to my sister and me in the future.
I also met with a lady who might become my wife in 1-2 years.
Due to the fact that the rental properties belong to my parents, me and my sister would inherit them in the future and therefore they would be my separate property.
Is it correct to say that my future wife would not be entitled to them unless I personally put her name under the title ( transmutation) which I would not until after at least 15-20 years which I am certain that we will be together and that she is not looking for money.
I want to know what are the actions that I can take toward that goal, besides NOT adding her name under title ( in the future ) ; spending community property labor, time, funds for them after i inherit them, ; depositing all rents into a separate account to avoid commingling of funds.
You could use a premarital agreement to address several issues right now.
1) The parties acknowledge that under CA law property a spouse inherits is their separate property.
2) The community will not be compensated for work that a spouse does to benefit his or her separate property (CA law is to the contrary).
3) Use of community funds to pay a spouse's separate debts or improve a spouse's separate property will be reimbursed dollar for dollar; the community will not be entitled to reimbursement by obtaining an interest in the property (CA law is to the contrary), unless a written agreement of the parties so provides.
4) Minimize the circumstances in which loans secured by your inherited properties will become community debts under CA law.
It is correct that you should be sure to keep income from the properties separate from income from community jobs or assets. You should also be careful not to use that income to pay community debt. There is no right to reimbursement to the separate property holder in these circumstances.
Under CA law, both parties to a premarital agreement should be represented by an attorney. Look around for one you trust before the wedding date is fast approaching.
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