[WSBAPT] Property Agreement

Wed Dec 24 15:52:50 PST 2014

Assume the prenup in a conventional way specifically identifies assets as one or the other’s SP and some as CP. Both spouses agree that many of the identified accounts are no longer in existence and that they assume their estate is now all CP.  The question is their ability to agree to the division of the assets 80/20 upon a divorce.

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

Estate, Tax, Retirement and Asset Protection Planning

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Thomas E. Gates
Sent: Wednesday, December 24, 2014 3:27 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Property Agreement

What does the pre-nup say?

Tom

Sent from my iPad

On Dec 24, 2014, at 3:01 PM, Glenn Price <glenn at pricefarrington.com> wrote:

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:   www.pricefarrington.com <http://www.pricefarrington.com/> 

Estate, Tax, Retirement and Asset Protection Planning

This e-mail and any attachment is intended solely for the use of the addressee(s) and is privileged and confidential within the attorney-client privilege.  If you have received this e-mail in error, please notify the sender immediately and delete all copies of this e-mail message and any attachment. 

IRS Circular 230 provides that this message cannot be used to avoid any IRS tax penalties.

No trees have been killed in the sending of this message, but billions of electrons have been horribly inconvenienced.

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