Tricky situation- how do I cover my... assets?
Hello fellow BP'ers, I have a tricky situation on my hands, and I need some direction.
I have been flipping houses for about 15 years, and am now wanting to switch directions a bit and move into buying more rentals. I have one rental now, and do pretty well with it. Problem is, a divorce may be looming in the distance, and I need to ask what I can do to protect my assets. I already requested she sign a post-nuptial agreement giving her 100% of our family residence and everything in it, and me keeping the current rental plus any other future investments I may make (while not touching our regular family income). Well, that went over like a turd in a punchbowl. So I need to know what I can do now (if anything) to protect myself and my future investments. I have about 3 deals I am ready to pull the trigger on, all being funded with cash from outside the family income (it's cash from flips that I have tried, sometimes unsuccessfully, to keep separate), or from private money. But living in WA state, and it being a community property state, what can I do? I have been contemplating forming a sole-proprietor LLC, but would that even do anything? I know there has to be a way, and who better to ask than the experts here? I want to pull the trigger on these deals, but am very reluctant to with the current situation. The last thing I need is for me to do these deals, and two-three years down the road get screwed out of them. Not saying it is a for-sure thing, but I just want to proceed as protected as possible. I would hate to have to pass on these deals.
Any suggestions would be greatly appreciated!