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<font face="Times New Roman, Times, serif">Attached is a 1987
opinion in which the federal judge ruled that the IRS could not
levy a taxpayer's wife's separate income because she and her
husband had earlier orally agreed that her income would be her
separate property. Venie v. U.S. (1987 WL 61936 (E.D.Wash.))<br>
<br>
Doug Schafer, in Tacoma.<br>
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<div class="moz-cite-prefix">On 9/2/2015 2:00 PM, Josh Grant wrote:<br>
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<div>This is an estate planning type question.</div>
<div>W is a client whose husband’s business corporation
appears to be raking up a lot of business debt. This is a
second marriage and they have tried to keep their finances
separate, in fact the income from the business has been used
for community benefit (food, electricity, vacations etc.).
W has a separate asset she wants to protect (farm land given
by dad). H&W never did a pre-nuptial agreement. Been
married 10 years+.</div>
<div> </div>
<div>H&W thought a ante-nuptial agreement might help
protect W’s separate asset. H had it drawn up and W was
referred to me as her independent attorney. This is a
standard type of agreement where on schedule “A” the
business corp is listed as H’s, and W’s is listed as her
separate asset.</div>
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<div>My thought is that basically, as long as they are
married, or as long as they do not have a separation
decree, that whatever they sign between them won’t help
against creditors. (just like the client who has to pay a
community debt even after that debt was listed as the
responsibility of the former spouse in a dissolution
decree). If I were a creditor’s attorney I would ask the
court to pierce the corporate veil and determine that the
corp is a community asset and the debt is a community debt
and go after all community property, again without regard to
this agreement.</div>
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<div>I think if ever sued, judgment would be entered against
H&W and their marital community, and the separate
farmland wouldn’t be affected anyway. If a creditor tried
to get a judgment against W’s separate property, then she
could hire an attorney and get the court to enter a judgment
only against the community and community property, with or
without an agreement.</div>
<div> </div>
<div>Anyone think a ante-nuptial agreement would be a
substantial protection for W against business debts, even if
H is a sole shareholder?</div>
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<div>Josh Grant</div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR:
#000000">Joshua F. Grant, PS<br>
Attorney at Law<br>
P. O. Box 619<br>
Wilbur, WA 99185<br>
tel 509 647 5578<br>
fax 509 647 2734<br>
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