Premarital Agreements – What You Should Know v. What You May Think
Apr 16 2018 - Posted by Chris Lincoln of The Lincoln Law Firm, PLLC, in Postnuptial Agreement, Prenuptial Agreement, Separate Property, Tagged in Postnuptial Agreement, Prenuptial Agreement, Separate Property
Premarital agreements tend to carry the stigma of a marriage doomed to fail, but that is simply not the case. Premarital agreements aren’t just for the rich & famous or for those who don’t have faith in their marriage lasting. Premarital agreements are useful for blended families, second marriages, business owners, first-time marriages or marriages later in life. Another similar option is a postmarital agreement.
Marital agreements are not one-size-fits all (so please don’t try this at home, folks), and they do not have to be drafted to where each of you leave the marriage with only what you came in with. Marital agreements, whether prepared before or after the marriage, can specify what will remain you and your spouse’s separate property and what, if anything, you would like to designate as community property.
If you are entering into a marriage with minor or adult children from a previous marriage, it has more than likely crossed your mind on how your estate will be divided between your new spouse and your children if something were to happen to you. A Will and a marital agreement can stipulate how you would like to divide your estate between your new spouse and children of a previous marriage. With second and third marriages increasingly common, it is important to consider these relationships and protecting those you love.
Marrying later in life has also becoming more frequent. When you marry in your 30’s, 40’s or later, it is likely that you are more established and have accumulated assets. Whether a home, savings, or retirement accounts, you have worked hard to earn everything you possess. You want to protect your assets acquired prior to marriage, and your spouse may want to protect his or hers too. A marital agreement is not one-sided – it should be drafted to protect both parties.
Still on the fence about the difficult conversation of a pre or post marital agreement? The article below provides additional information regarding the difficult, but necessary, conversation of marital agreements.
Source – “Prenups: I Do Or Don’t At Any Age”, by Neale Godfrey
https://www.forbes.com/sites/nealegodfrey/2015/08/30/prenups-i-do-or-dont-at-any-age/#578d15ce7fbb
