Tag: prenuptial agreements

Understanding Why Prenuptial Agreements Matter to Your Estate Plan

Did you know that prenuptial agreements can be a critical part of the estate planning process? This may be especially true if you are marrying later in life, as many people do these days. Let us review three reasons why you might consider a prenuptial agreement as part of your estate plan if you have built a business, earned significant retirement savings, or been widowed or divorced prior to your new marriage.

1. You Have Been Married Before. If you are widowed or divorced, a prenuptial agreement can help ensure that your estate will be divided as you choose upon your death. If you are widowed, you likely inherited everything from your former spouse. The expectations of your deceased spouse was probably that any children you share would inherit what is left, not a future new spouse. If you did not have children, you might feel differently, but this is something you can address in a prenuptial agreement that fits your unique circumstances. A prenuptial agreement can specifically set aside any assets you had before your new marriage and make fair provision for any assets or earnings accumulated during your new marriage, with respect to children or other family you had before the marriage. If you are divorced, a prenuptial agreement as part of your estate plan can ensure that any money you received as part of a divorce settlement is set aside for your heirs as well.

2. You Have Retirement or Other Assets. If you have spent many years building up your retirement accounts, you can decide as part of a prenuptial agreement that these should go directly to your children, rather than to your new spouse, if you pass away unexpectedly.

3. You Have a Business. If you already own a business prior to getting married, you may want to discuss what will happen to the business and any financial interest your new spouse accumulates during your marriage. This can make sense to protect both your new family, and the business you worked hard to build.

Do you have questions? Please contact our law practice to learn more. We are here for you. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to provide service in Palm Beach, Martin, St. Lucie and Indian River Counties.

The Importance of Pre-Nuptial Agreements Before You Say I Do

You said, “Yes.” And you’re planning the wedding of your dreams, but before you walk down the aisle, get a prenuptial agreement in case happily ever after ends sooner than expected. These agreements can help both parties protect their separate property, support estate plans, define what is marital or community property, and establish ground rules for deciding future matters. “A prenuptial agreement can allow couples “to determine their financial future “in the event of a divorce. “These agreements are contracts “signed by prospective spouses prior to marriage ” that determine how issues like property division “and alimony are treated during a divorce,” says Anne Desormier-Cartwright of Elder and Estate Planning Attorneys PA. Some people believe a prenup will cause problems in their relationship, but more often than not, the opposite is true. Financial issues are one of the major reasons couples get divorced. Talking to your spouse prior to the wedding about financial matters can help you avoid disagreements later. Elder and Estate Planning Attorneys PA is a law office small enough to provide personal service but large enough to handle all of your estate and planning needs.