A prenuptial agreement is a legal contract signed by two people before marriage, outlining how their assets, debts, and potential spousal support will be divided in the event of divorce or death. These agreements are made to provide clarity and protection, allowing couples to decide for themselves how financial matters will be handled, rather than relying on potentially complex and uncertain state laws. Key aspects include full disclosure of assets, listing existing and future assets and debts, specifying property rights, and addressing maintenance or alimony, and how finances will be split if the marriage ends, and fairness. A valid prenup requires full disclosure, fairness, voluntary consent, and must be in writing, often requiring independent legal counsel for both parties.
A postnuptial agreement is a legal contract entered into by a married couple that defines how their assets, debts, and other financial matters would be handled in the event of divorce or death. Similar to a prenuptial agreement, it allows spouses to establish their rights and responsibilities, though it’s signed after the marriage instead of before. A valid postnup requires full disclosure, fairness, voluntary consent, and must be in writing, often requiring independent legal counsel for both parties.
A cohabitation agreement is a legally binding contract between two people who are living together but not married, outlining how their property and finances will be handled during and after the relationship ends. It’s essentially a prenuptial agreement for unmarried couples.
A Community Property Agreement is a legal contract between spouses or registered domestic partners in a community property state, such as Washington, that designates all their property as community property and states that it will automatically pass to the surviving spouse upon death, thereby avoiding the probate process for that property