Love and Legalities: How Prenups Strengthen Marriages

When couples marry, they do not always discuss their finances. Yet money issues are among the most common reasons for marital disagreements. It can be beneficial to create a prenuptial agreement to address the many financial and other matters between you and your future spouse. Some people bristle at the thought of signing a prenup, but in actuality, a prenup can help to strengthen marriages. A knowledgeable family law attorney will help you draft or review a prenuptial agreement that will protect you and your spouse.

What is a Prenup?

A prenuptial agreement, prenup for short, is a legally binding agreement between two parties before they get married. A prenuptial agreement is also called an antenuptial agreement. It is a contract that parties enter into prior to marriage. The prenup must be properly executed in order to be enforceable. The prenup may include specific details about how the couple will distribute property, including assets and debts, if they end their union. The prenup is a document that is unique to each couple, and should be prepared based on the specific financial and other details that pertain to the spouses. The prenup goes into effect as soon as the marriage takes place. 

What Can Prenuptial Agreements Do?

Prenuptial agreements are designed to provide clarity regarding specific financial details of your union. A prenup will help to protect assets that belong to you prior to marriage. It also identifies how future assets will be distributed in the event that the marriage fails. It provides instructions for your financial responsibilities and allows couples to work together to create a financial plan for their future. Prenups are not only useful in divorces, but they may also come into play with bankruptcy and probate cases. 

What Are the Benefits of A Prenup?

There are a number of benefits of having a prenuptial agreement in place prior to marriage. A prenup is a way to reduce the incidence of disagreements about money in your relationship. The prenup defines how you will handle the various financial issues that could otherwise cause discord and erode a marriage. A prenup provides a guideline for couples to follow. The prenup specifies separate versus marital property and can streamline a separation or divorce if the couple ultimately chooses to end their union. The prenup can reduce stress during a marriage and offers a more harmonious divorce. 

Washington Law Regarding Divorce

Washington is a community property state. It is helpful to understand how community property works so you can ensure that you protect your assets in the event of a divorce. Under Washington law, the assets and debts that a couple accumulates during the marriage are community property. Community property is defined as assets acquired by either party during their marriage. Community property generally includes all assets and debts, including real property. Income earned and items purchased belong to both parties even when only one person earned the income or signed for the purchase. 

How are Prenups Useful for Couples?

Although some people feel that a prenup is something that is only made by couples who think they may divorce, the opposite is true. Prenups are a way for couples to discuss their finances before they marry. By reviewing their financial circumstances and talking about their views on money prior to tying the knot, couples may find that they are better prepared to handle their marital finances. Thus, prenups may strengthen marriages by giving spouses the tools they need to take care of their money matters as they may arise after the wedding. As a result, having a prenup in place can offer couples a sense of stability and unity. 

Prenup Exceptions 

Prenups are beneficial to handle most financial situations. However, there are some exceptions. A prenup cannot generally provide decisions regarding child custody or support. In Washington as in other states, the court will make parenting time and placement decisions based on what is best for the child. The prenup is useful in cases where the couple wishes to handle a particular asset in a different way than is usual through marital asset distribution. For example, the prenup is helpful when you have an asset that would normally be considered marital property but you and your spouse agree to distribute it as a separate asset. 

Prenuptial Conditions

Conditions may also be a part of a prenuptial agreement. Conditions are clauses that detail how or when a particular situation will be handled. One of the most common conditions is called a sunset clause. This is a condition that states the prenup is in effect for a specific length of time and will end. For example, the prenup may state that if the marriage lasts for longer than ten years, the prenup will no longer be in effect. Another clause may state that a party waives his or her right to spousal maintenance if the marriage ends in less than five years. You can include the conditions in your prenup that meet your needs. 

Prenup Enforcement

In Washington State, there is no specific statute that addresses prenuptial agreements. Instead, prenups are treated like other types of legal contracts. The couple should follow their prenup agreement. In cases where they disagree as to the validity, the court will need to step in. The courts use a two-prong test to determine enforceability of a prenup. 

• The prenup must be fair

• The prenup must be made with the full understanding of both parties. 

To ensure that a prenup is enforceable, both parties should have legal representation prior to signing. Both parties should indicate they have an understanding of the agreement and consent to it willfully. Also, both parties need to fully disclose their finances including assets and debts. 

Prenuptial agreements cover a wide range of issues that are specific to each couple. Whether you are drafting a prenup or are being asked to sign one, you will benefit from the guidance of a qualified attorney. Your lawyer will help make the prenup process easy and stress-free and will make certain that the agreement is a fair one that will be enforceable should the time come to utilize the contract. To learn more about prenuptial agreements, contact our law firm at View Ridge Family Law & Estate Planning at (206) 966-4020 to schedule a consultation.