When a couple gets married in Washington State, all their assets and debts become community property. However, if one or both spouses have separate property, they can protect it by signing a separate property agreement.

What is a separate property agreement?

A separate property agreement is a legal document that outlines which assets and debts belong to each spouse separately and will not be shared as community property. It can be signed before or during the marriage, but it must be in writing and signed by both parties.

Who needs a separate property agreement?

Anyone who has assets or debts they want to keep separate from their spouse should consider signing a separate property agreement. This can include:

– Individuals with significant premarital assets

– Individuals with inheritances or gifts they want to keep separate

– Individuals with a business or professional practice they want to protect

– Individuals with children from a previous relationship who they want to protect

What should be included in a separate property agreement?

A separate property agreement should clearly identify which assets and debts belong to each spouse separately. It should also outline how any jointly owned property will be divided in the event of a separation or divorce. In addition, it should address issues such as spousal support and the distribution of retirement benefits.

How does a separate property agreement protect me?

In the absence of a separate property agreement, all assets and debts acquired during the marriage are considered community property and subject to division in a divorce. By signing a separate property agreement, you can ensure that your separate property remains separate.

It is important to note that a separate property agreement does not protect assets from creditors or other legal obligations. It simply outlines how assets and debts will be handled in the event of a separation or divorce.

In conclusion, if you have assets or debts you want to keep separate from your spouse, a separate property agreement may be a wise move. Not only can it provide peace of mind, but it can also prevent disputes and potential legal battles down the road. If you need help drafting a separate property agreement, it is always recommended to consult with a qualified attorney experienced in family law.

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