Some couples avoid prenuptial agreements because they think that is not romantic and that they will never get divorced. They may be right. A prenuptial agreement may not be romantic and the couple may remain married until death separates them. However, a prenuptial agreement is still important to them.
A Prenuptial Convention PromotesHonest Communication About the Finance of the couple
In order for a prenuptial agreement to be enforceable, each spouse must provide an accurate and fair disclosure of their property and financial obligations to the other spouse. That means that the mere act of creating a prenuptial agreement should lead the couple to complete and honest communication about what they own and what they owe. With that knowledge, spouses can work together to create a financial strategy that is beneficial for them as a married couple. Also, the lawyer who works with the couple to make the prenuptial agreement can often help you with the strategies for estate planning, based on the information that was shared while drafting the prenuptial agreement.
A Prenuptial C onvenio is a Useful Tool forPlanning of Heritage
As much as we would like to believe that marriages will last forever, the truth is that each marriage ends with death or divorce. A prenuptial agreement can be a useful part of a couple’s estate plan. For example, a prenuptial agreement can be used by a spouse to assign their rights to be a beneficiary of an insurance policy or retirement plan. This is particularly important if the spouse is required by law to be a beneficiary of such a policy, in the absence of an agreement. A prenuptial agreement can also be used by a spouse to transfer their rights to the property of the other spouse, when he dies.
Married Couples Should Periodically Review Their Prenuptial Plans
Spouses who remain married should be advised of the content of their prenuptial agreements and review them periodically, as they do with other of their estate planning documents, because their circumstances may change and in that case, they will want to modify their original prenuptial agreement. Prenuptial agreements can be easily modified. Most states require that the modifications be in writing and signed by the spouses. The same rules of enforcement that apply to prenuptial agreements apply to modifications of prenuptial agreements, which means that each spouse can give the other a complete and fair disclosure of their finances, the modification must be made voluntarily and the modification does not It must be excessive.
One of the parties may want to modify a prenuptial agreement if, for example, one or both spouses have minor children at the time the prenuptial agreement was executed. The original prenuptial agreement may have provided financial aspects for these minor children before doing so with the other spouse. However, as the years go by these minor children can become adults and financially independent and the spouses can agree to leave each one more active in case of divorce or death.
Prenuptial plans are important tools for couples who remain married, as well as couples who divorce. A lawyer in these matters can provide you with additional information about how a prenuptial agreement can benefit you and your future spouse.
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This article is intended to be useful and informative, but legal issues can become complicated and stressful. A lawyer qualified in family law can attend to your particular legal needs, explain the law and represent you in court. Take the first step now and contact a qualified family law attorney near you to discuss your particular legal situation.