If you need a prenuptial agreement, it is important to include Post Death Planning in the prenuptial agreement. Most people think of a prenuptial agreement as a document that protects your assets should you Divorce. But, what about death? You also want to protect your assets in the event of your death. There are waiver provisions you may include in the prenuptial agreement for post death planning. You can include a waiver of homestead. You can include a waiver of pre-need guardian. You can include a waiver of the elective share.
If you have substantial assets, then you should have an estate planning attorney working with a marital and family law attorney to draft your prenuptial agreement. If you have a trust, then you should have waivers to protect your trust.
Usually when people think of prenuptial agreements, they think of going to a marital and family law attorney to protect their nonmarital assets during a divorce. They may want to protect a house or a business. They may want to protect stocks, bonds, stock options, bank accounts and even their earned income including their paycheck. However, a prenuptial agreement protects your current net worth from divorce and death. Being more detailed and specific in the agreement as to what the other spouse is waiving is the better practice.
It is best that both parties have attorneys. That way both parties negotiate the prenuptial agreement. It is best to start negotiating a prenuptial agreement one (1) year to six (6) months prior to the marriage date. Negotiating a prenuptial thirty days prior to the agreement is dangerous. A well-seasoned attorney may tell you if you are in a predicament like that, then you should do a commitment service and not a legal marriage.
During the prenuptial agreement process, you need to make sure you know the net worth of the other party. You want to see tax returns and financial statements to ensure you have the correct information.
If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and arrange an initial consultation. You may also visit my website at: https://www.annmariegildenlaw.com
This article is for informational purposes only and does not form an attorney client privilege.