What is a premarital agreement and what are its benefits?

A premarital agreement, also known as a prenuptial agreement, is a legally-binding contract entered into between two people before they are married. It sets out the terms and conditions of a future marriage and is designed to protect both spouses in the event of a divorce. In the State of Washington, premarital agreements must be in writing and signed by both parties. This agreement gives both parties the opportunity to express their wishes for their financial future and can provide financial protection for assets owned prior to marriage and future earnings. A premarital agreement can benefit both parties by providing peace of mind regarding their individual rights should the marriage come to an end. It is important to note that marriage law in Washington requires that both parties must be fully informed as to the assets involved and what each party’s rights will be in the event of a divorce. In addition, a premarital agreement may allow both parties to decide how assets and debts received during the marriage will be divided. This can help avoid conflicts over finances during the marriage and in the event of a divorce. A premarital agreement can also provide tax and estate planning benefits, such as designating assets to remain outside of the marital estate. Overall, premarital agreements can be helpful in protecting both parties in a marriage and ensuring that both parties understand their rights and responsibilities if a divorce occurs.

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What is a premarital agreement and what are its benefits?

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