Prenuptial agreements are known as those pesky, must-have legal documents when getting married. Although they can be important for avoiding painful legal and emotional disagreements in the future, it is also important to note that prenuptial agreements can also be beneficial for your estate plan.
A large majority of prenuptial agreements are used to protect estate issues and property rights. As such, when preparing your prenuptial agreement or before getting married, it can be helpful to speak with an experienced Portland ME divorce and family law attorney. At Schultz Family Law, we are dedicated to the rights and interests of our clients, and we will also use full knowledge of Maine laws and careful listening to ensure that your estate and interests are at the forefront of our legal services.
How a Prenuptial Agreement Can Help Your Estate Plan
In terms of estate planning, prenuptial agreements can be very useful. Through a prenup, couples can list which assets are considered as marital property and which assets are considered to be separate. Making this distinction before marriage can be critical to preventing separate assets from being misclassified as marital or joint property when a spouse dies.
A prenuptial agreement can also be fundamental during your second marriage, or if you have children from a previous marriage. Below, we’ve included some common ways that a prenuptial agreement can help your estate plan.
Children From a Previous Marriage
If you have children from a previous marriage, you can protect their inheritance by outline how you to want to divide your estate in the event of a divorce or death. Having a prenuptial agreement in this situation can help you and your spouse to enter the marriage with a clear understanding that the children from your previous marriage will be provided for. Additionally, a prenuptial agreement can also protect your children from future lawsuits filed by the surviving spouse.
Expected Inheritances
If you expect to gain from a trust or an inheritance, a prenuptial agreement ensures that the inheritance doesn’t get divided in a divorce-related division of assets. Remember, your prenup will outline and help determine the ownership and transfer of the inheritance, allowing you and your spouse to enter the marriage with clear expectations.
Property
Many individuals own substantial property before getting married. Prenups can help determine the ownership and inheritance of your property, taking care of the negotiation up-front.
Family Businesses
If you are expecting to inherit all of or part of a family business, getting a prenuptial agreement can help secure that business interest for you and your loved ones.
Life Insurance and Retirement Income
Prenuptial agreements can also designate life insurance and retirement income beneficiaries. In a prenup, you can set a certain amount aside for previous spouses, children from a previous relationship, or for a new spouse.
Spousal Maintenance and Child Support
If you are in getting married for the second (or subsequent) time, then a prenuptial agreement ensures that the new spouse abides by the agreements of any previous spousal maintenance and child support decrees. It also ensures that, in cases of death or divorce, both parties agree, in advance, to the terms of support for the surviving spouse (or ex-spouse) or for children.
Call Portland ME Divorce Attorney Susan M. Schultz, LLC
If you are getting married and considering a prenup, make sure to call the Portland ME divorce attorney with the experience and legal know-how to ensure that the prenup is as comprehensive as possible. With years of helping new families just like yours, and vigorous litigation techniques to protect your interests, Portland ME attorney Susan Schultz will put your interests at the forefront of our legal processes.
To speak with attorney Schultz, call our Portland ME law office today at (207) 210-6555.