A legally binding contract made between spouses in Washington State, this type of agreement determines ownership of assets and liabilities acquired during the marriage. For instance, a couple might stipulate that one spouse’s inheritance remains separate property, while income earned by both parties during the marriage is considered community property owned equally. This provides clarity and control over financial matters within the marriage.
Such contracts offer valuable benefits, including the ability to tailor property division to specific circumstances, avoiding the default rules of community property law. Historically, these agreements have provided couples with a tool for financial planning and security, offering protection in cases of divorce or death. This preemptive action can simplify complex legal processes and minimize potential disputes during emotionally challenging times.