[WSBAPT] Property Agreement

[Glenn Price]

Ladies and Gentlemen:

 

A scenario for your consideration:

 

1.     H (60) and W (58) have been happily married for almost eight years -
the second marriage for each - and have an approximately $9M estate. 

 

2.     W has four adult children from a previous marriage and H has two. 

 

3.     W brought most of the assets into the marriage following the signing
of a pre-nuptial agreement, but H and W now consider all assets to be
community property and owned 50/50, with estate tax planning in place such
that the first spouse to die can position his/her 50% of the estate as
appropriate.

 

4.     Here's the wrinkle:  In the unlikely event that the marriage ever
dissolves, W wants to assure - and H agrees - that the assets in the estate
will be divided 80% to W and 20% to H (with specific asset valuations and
allocation to be determined at that time).  As long as both spouses
knowingly and voluntarily sign off on such an agreement with access to all
information and benefit of independent counsel, is this achievable?  Any
reason why such an agreement would be undoable or unenforceable?

 

Thanks for your insights.  And my very best wishes a for happy holiday and
healthy, happy 2015.

 

GDP

Glenn D. Price, J.D.
Price & Farrington, PLLC
Attorneys and Counselors at Law   

Parkwood Office Center
2370 130th Avenue N.E., Suite 103
Bellevue, Washington 98005
Phone: 425.451.3583  Fax: 425.522.4818

Email: glenn at pricefarrington.com
Home page:    <http://www.pricefarrington.com/> www.pricefarrington.com

Estate, Tax, Retirement and Asset Protection Planning

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