If you are a married couple residing in the state of Washington, you may want to consider executing a community property agreement (CPA). This legal document provides a clear understanding of how your assets will be divided if you choose to dissolve your marriage or if one of you passes away.
A CPA is especially important if your circumstances involve separate property that you want to protect from division. These may include premarital assets, inheritances, or gifts bestowed upon one spouse. Without a CPA, these assets may become community property and be subject to division during a divorce or probate.
Washington state law recognizes the concept of community property, which means that most assets acquired during the marriage belong to both spouses equally. However, with a CPA in place, you can tailor your property ownership to suit your specific needs and goals.
To create a CPA in Washington, you must use a specific legal form that complies with the state`s requirements. The form is available from various sources, including law firms, online legal document providers, and the Washington State Bar Association.
Before filling out the form, you should discuss your options with a qualified attorney who is familiar with community property law in Washington. An attorney can guide you through the process and help you understand the legal implications of the decisions you make regarding your property.
When you execute a CPA, you and your spouse can specify which assets belong to the community property and which ones are separate. You can also define how you want your assets to be divided if your marriage ends in divorce or if one of you passes away.
Note that a CPA is a legally binding agreement, and you should not take it lightly. Once you sign it, you must abide by its terms, unless a court determines that they are unenforceable, illegal, or unconscionable.
In summary, if you are a married couple in Washington state, you may benefit from executing a community property agreement. This legal document can help you protect your property rights and ensure that your assets are distributed according to your wishes. To get started, consult with an experienced attorney and obtain the appropriate CPA form for your situation.
