A prenuptial agreement is a contract entered into by a couple before marriage. The prenup spells out the property rights of one or both of the parties involved. One of the most common situations calling for a prenup in Washington is the second marriage involving children. Why?
Pre-marital agreements help protect children from previous relationships by allocating your assets to them (at least in part) instead of all to your new spouse. Without a prenup, upon your death or divorce, your new spouse's share of your assets will be determined by the court or the law of the land. To save your assets from an acrimonious divorce later on, or a confusing probate proceeding, many couples turn to a prenuptial agreement particularly when children are involved.
One of the prime examples of this is Robin Williams. The beloved comedian had not been dead for long when a bitter fight broke out between his third wife and his three children from a previous marriage. No one wants to see the people they love fight, but his case is unfortunately not unusual.
Although many believe a trust will properly protect their children, a prenuptial agreement can often be the better choice in determining who gets what in the case of death or divorce. The particularly useful feature about a prenup is that it can protect nearly every kind of asset; be it stamp collection, art, cash or family business. Without one your future spouse's interest could outweigh those of your children. There are many different ways to set up a prenuptial agreement and each prenuptial agreement is unique to a couple's situation.
For assistance establishing a prenuptial agreement speak with one of our Washington State Family Law Attorneys at Elise Buie Family Law Group, PLLC. We provide free consultations to help get you started with planning your prenup today.