How can I protect my assets from divorce?

The best way to protect your assets from a divorce in Washington is to have a prenuptial agreement drawn up prior to marriage. A prenuptial agreement, also known as a premarital agreement, is a legally binding contract between two parties that sets out the rights and obligations of each during the marriage and in the event of a divorce. It outlines the separate assets of each party and describes how the assets will be divided in the case of a divorce. If you do not have a prenuptial agreement, there are still steps you can take to protect your assets from a divorce. First, keep financial matters separate: don’t commingle your assets with those of your spouse; keep separate bank accounts, credit cards, and investments. Second, make sure that any investment or property that you bring into the marriage is properly documented as separate property; make sure that you can prove that it is separate property. Third, keep track of any assets or investments that increase in value during the course of the marriage. Marital assets are generally those acquired or increased in value during the marriage, so your separate assets can become marital assets if the value of the asset increases during the marriage. Finally, communicate with your spouse and keep clear boundaries: make sure there is agreement and understanding as to who owns what assets. By following these steps, you can help protect your financial assets in the event of a divorce. A prenuptial agreement is the best protection you can have; but even if you don’t have one, you can still take steps to safeguard your assets.

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