Marriage is possibly the most serious life event for anyone entering into a vow, but there are several aspects of the union that everyone should consider before the final “I do” day. Marriage is an emotional union between the two spouses, but it is generally viewed by the legal system as a business arrangement in many respects. After all, a license is required for any marriage to be official and certain aspects of a business operation also apply to a wedded couple. These applications should be evaluated by any parties entering into holy matrimony, especially if one of the spouses is involved in residential property management. Here are a few reasons why this is important.
Income as Community Property
While each party to a marriage can have prior personal assets that are not necessarily considered community property in the view of the law, income generated from those assets after the fact of valid marriage is typically the property of both spouses if a divorce were to occur. Married couples are business partners to a large degree, and personal asset allowance will always be a component of a potential divorce proceeding. Prenuptial agreements are usually the legal method chosen to avoid this possible dilemma, even if discussing the topic is problematic. The law of business still applies, and an understanding beforehand is always best.
Working in Property Management in San Diego
Rental property management companies in San Diego are numerous, and competition for qualified management employees is typically very keen. Having the right person in company employ is very important, and many times the right person for the job is the spouse of the original company owner. Given that a property management business is actually a family business for a married couple, it is often an advantage for the primary owner to train the spouse in how the business functions. Property management can be an intense and competitive industry in high-value areas like San Diego, especially if real estate sales are also part of the process, and a successful company operated by a married couple can also contribute significantly to a happy marriage.
One of the best alternatives for a married couple with extensive real estate holdings is retaining a third-party professional managing company to handle daily business operations. Property management in San Diego can be a high-volume activity business, and many married couples with high-volume cash flow can be much happier by contracting a reputable local property management team who already understands the business, allowing the newly married couple to focus on starting their family.