A community property agreement is applicable to married couples in the state of Washington. This agreement states that your spouse owns half of all the property acquired during the marriage. This means that if you or your partner dies, all of their property will immediately go to the surviving partner. To be able to utilize a community property agreement, you and your partner must agree that all property will transfer to each other, create a document, and sign it in front of a notary public.
When it comes to a community property agreement, it’s important to know that there are limitations. For example, it remains even if you separate. Both partners must agree to revoke the document if you no longer wish to transfer property. So, if you and your spouse are looking to get a community property agreement or simply want more information on how it works, get in touch with Terry Law Firm. Attorney Scott Terry will explain the process of creating the document and how it will be enforced afterward. Please call us today and we will set up a free consultation for you to discuss your situation with a legal professional. We look forward to hearing from you!