Relationship Agreements
A relationship agreement is a contract between two people that defines their property rights in the property owned by each person and any joint property. The most common types of relationship agreements are a Prenuptial Agreement, Postnuptial Agreement, Cohabitation and Property Status Agreement, and Separation Contract. With all relationship agreements, each person is required to make a full disclosure of their finances, including all assets, debts, and income.
Prenuptial Agreement
A prenuptial agreement is a contract entered into before marriage that defines each person’s rights in the property of the other person. A prenuptial agreement can limit the creation of community property, define how the parties will manage separate and community property, and how future purchases will be handled. If one spouse is incapacitated or dies, the agreement provides for how property will be managed. And if the marriage is terminated, the agreement can state your intent regarding spousal support, property division, and payment of attorney fees and costs.
The best practice is to plan and prepare early, as no one wants to be thinking about the potential end of their marriage as they approach their wedding date. We recommend that your prenuptial agreement be completed and signed at least six months prior to your wedding date. If you delay and contact us about a prenuptial agreement in close proximity to your wedding date, we may recommend that you and your soon-to-be spouse pursue a postnuptial agreement after your marriage is complete.
Postnuptial Agreement
A postnuptial agreement is a contract entered into after marriage that defines spouse’s property rights in each person’s separate property and community property. A postnuptial agreement is equally as effective and enforceable as a prenuptial agreement, the difference really comes down to when the agreement is entered – whether before or after the marriage.
There are many reasons why postnuptial agreements are appropriate for people, including if either spouse has separate property that they want to keep separate, such as a home or real estate. Washington State laws provide many default arrangements that people simply do not agree with and do not want to apply to them. A postnuptial agreement is an opportunity to define your property rights and make your own decisions about how you will manage your property during your marriage, and after if your marriage ends.
Cohabitation and Property Status Agreement
Thinking about moving in with your significant other? Congratulations! But did you know that living with your committed intimate partner comes with legal ramifications? Most people are unaware of the legalities of living with your partner. You may be familiar with the term "common law marriage" and think that you do not have anything to worry about until you have lived with your partner for over seven years, but laws change, and today "common law marriage" is now called "committed intimate relationship" and has broad ramifications regarding your property rights and interests.
If you and your partner decide to live together, and one or both of you own property, then you can save yourself a lot of heartache, stress, and expense by entering into a Cohabitation and Property Status Agreement. A Cohabitation and Property Status Agreement is akin to a prenuptial agreement or postnuptial agreement but applies to unmarried people. Each person must make a full disclosure of their assets, debts, and income to each other, and decide how they will create joint property, if any.