If you need a prenuptial agreement, it is important to include in the prenuptial agreement Post Death Planning.
Most people think of a prenuptial agreement as a document that protects your assets should you divorce. However, what about death? Do you want to protect your assets in the event of your death? There are waiver provisions you may include 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.
Working With the Right Attorneys
If you have substantial assets, then you should have an estate planning attorney work with a marital and family law attorney to draft your prenuptial agreements. If you have a trust, then you should have waivers to protect your trust.
What a Prenuptial Agreement Can Protect
Usually when people think of prenuptial agreements, they think of going to a marital and family law attorney to protect their nonmarital assets. 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 pay check.
Why Specificity Matters
A prenuptial agreement protects your current net worth from divorce and death. The more detailed and specific it is and that you include what the other spouse is waiving, is the better practice. You cannot be too specific and too detailed.
Timing and Negotiation
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 1 year to 6 months prior to the marriage date. Negotiating a prenuptial thirty days prior to the agreement is dangerous. A seasoned attorney may tell you if you are in a predicament like that to just do a commitment service.
Financial Disclosure
You need to make sure you know the net worth of the other party. You want to see tax returns and financial statements. Financial disclosure is crucial, especially in the event of one party’s untimely death.
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.