[WSBAPT] Property Agreement

[Thomas E. Gates]

I asked about the prenup to understand their mind set at the time they were entering into the marriage.  While they are happily married now, it appears to me that the mind set remains at least to some degree.  Would they enter into a postnup.  That's a thought I am sure you have already considered.  

I agree that the challenge is identifying the 80/20 division of the property.  What types of assets are in the estate?  Will the assets need to revalued over the length of their relationship if, in deed, they split up?  Can they make the 80/20 division today and let the assets appreciate regardless of the 80/20 division in the out years?

Merry Christmas.

Sent from my iPad

> On Dec 24, 2014, at 3:52 PM, Glenn Price <glenn at pricefarrington.com> wrote:
> 
> 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: glenn at pricefarrington.com
> Home page:   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.
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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
> 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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