Prenuptial agreements…smart planning for the future.
Sep 22nd, 2008 by Adrienne Keith
A prenuptial agreement, or “prenup” is a contract that you would sign in advance of the wedding. It can be smart planning for the future because it gives you and your honey an opportunity to decide now how you would like assets and debts to be handled in the event of divorce or death later.
In Washington, a property division at divorce is usually focused on dividing up community property (property acquired during marriage). However, the law allows a court to award separate property (non-marital property) if that is necessary to achieve a just and equitable result. A benefit of a prenup is that you can eliminate or limit the award of your separate property to your spouse.
While do-it-yourself prenups are out there, it’s worth paying a lawyer for a few reasons. One reason is that the laws of each state vary, and so a one-size-fits-all agreement probably won’t fit you. Another reason is that your lawyer will tell you about any red flags for your situation, so that you know where you need to put some extra attention. A last reason is that, if the agreement is ever challenged, the fact that both people had a chance to talk through their legal rights makes it less likely that a court will overturn the agreement.