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Hello and welcome to JustAnswer. I would be happy to help answer your question.
To answer................Any and all marital property is subject to distribution during divorce in the state of Washington. Marital property includes all property and debts acquired during the course of a marriage. This does not include debt/property acquired before marriage. However, there are exceptions and non-marital property may become marital property via commingling of funds (to the point where the source of the funds become untraceable, or reliance on the asset during marriage, etc.).
If the money was put into trust prior to marriage and kept separate throughout the marriage, never relied upon or used as a source of income during the marriage.
sorry to continue the last statement..........if the property was acquired prior to marriage and kept separate then it may be considered a non-marital asset and thus not subject to distribution.
If it was marital property put into trust, then it would be considered a marital asset, just putting the funds into a trust would not in and of itself make this a non-marital asset.
Unless this is a trust that was not set up for the benefit of the husband or wife and not simply for the purpose of setting aside or diminishing marital funds for distribution.
If it looks as if the funds were pumped into the trust during the break down of the marriage in order to avoid having them distributed the court can give the other party a credit for the funds or order their return. Good Luck and please let me know if you have any further questions and I would be happy to answer them. Thanks for using JustAnswer and again good luck.
I am not married at this point yet but I am going to marry a guy in the Washington State. I love him but I do not trust him in handling money. He already has two bankruptcies As I am bring my own money into the marriage and planning to buy property in Washington for investment purposes. How do I protect my money from the marriage?
Hello, to answer your second question..........You can keep non-marital property separate such as an investment property ONLY if you maintain it as a separate asset AND do not spend marital funds on it. This can be difficult to do as it is common to spend money during a marriage on these items, unless you have enough funds set aside prior to marriage to pay taxes, upkeep, etc.
However, even if you do spend marital income/ funds on the property investments or use these as income during the marriage........the equity in the property prior to marriage can typically be separated out during any divorce and a credit given for this amount.
HOWEVER, considering the fact that you have not yet married and know this all ahead of time................A PRENUPTUAL AGREEMENT may be a great idea. A prenuptual agreement is a contractual agreement between the two future spouses which can control property issues, etc. You can put in there that you would keep your prior owned property in whole upon dissolution of marriage. You should have an attorney draft any prenuptual agreement and it is also important to make sure your future spouse has full financial disclosure ahead of time and is represented by an attorney who can explain the prenuptual agreement to him/her to make sure he/she understands what he /she is consenting to and to abate and later claims of confusion (in an attempt to have the prenup thrown out).
Good Luck and please let me know if you have any further questions and I would be happy to help.
Thank you for answering. Should I have the prenuptual Agreement signed before the marriage? and where do I find a lawyer to do this prenuptual agreement and what is the cost for it?
Yes, a prenuptual agreement is by definition one that occurs before marriage. You can also have a post nuptual agreement done instead (after marriage). However, the obvious distinction is that if you dicuss these issues and are able to sign an agreement before marriage it makes it easier on your end and you don't have to worry that this person will marry you then refuse to sign a postnuptual with terms you are satisfied with. Potentially if a couple were to seriously disagree on certain issues before marriage they may not get married.
You should go to www.google.com and search out "family law attorneys" in your city. Not all family law attorneys draft prenuptual agreements, but I'm sure you will find several that do. Good Luck and thanks again for using JustAnswer. Again please let me know if you have further questions.
Thank you very much for your answers!
you are welcome
I will look into the your suggestions. Thanks again.