The Role of Prenuptial Agreements in Your Estate Plan
Estate planning can protect you and your family’s long-term wellbeing by securing assets and establishing how they’ll be handled before and after you’ve passed away.
There are many estate planning tools you can use to achieve your goals and provide loved ones with the assets and financial security they need.
A prenuptial agreement can be an invaluable part of any estate plan. Understanding how prenuptial agreements work and how you can use them in your estate planning can help you take advantage of the benefits they offer.
Prenuptial Agreement Protection for You and Your Loved Ones
Prenuptial agreements are established before marriage, allowing both parties to agree on their rights and responsibilities.
A prenuptial agreement lets you and your spouse determine your rights during and after marriage as well as after death.
Couples who have shared or separate business interests should consider a prenuptial agreement as part of their long-term planning.
In order for your prenuptial agreement to remain a valid part of your estate plan, it has to meet the following requirements:
- Both parties must provide full disclosure of their assets and liabilities
- Each party should have their own legal counsel
- The agreement must be established at least one month prior to the marriage
Estate Planning With Prenuptial Agreements
Prenuptial agreements are used to help individuals and their partners avoid common disputes related to personal finances, property, and other assets.
Your estate plan can use a prenuptial agreement to outline how property will be divided when one partner passes away.
Failing to have a prenuptial agreement in place can give the surviving spouse full control of the remaining assets. The surviving spouse can then determine if and how those assets will be distributed to others.
If you have children from a previous marriage, a prenuptial agreement can ensure that they receive any assets you allocate to them.
Otherwise, your surviving partner may choose to keep a larger portion of your assets, preventing your children from receiving assets you’ve set aside for them.
Protecting Your Interests in Your Estate Plan
In situations that involve businesses owned by the family, prenuptial agreements can provide additional protection by outlining the rights and ownership of each party in relation to the business and its assets.
Prenuptial agreements should be considered before the marriage regardless of you or your partner’s net worth.
It can resolve potential disputes quickly by preventing your spouse from arguing that they didn’t understand the agreement’s terms or that the terms are unfair.
Working with a skilled attorney can help you establish a prenuptial agreement that’s valid and complies with Georgia state laws.
Prenuptial agreements can override any rights that a person may have by law as long as they have agreed to its terms.
You can use your agreement to identify separate assets, dictate how those assets will be used during and after the marriage, and provide for your beneficiaries after you’re gone.
Prenuptial agreements can disinherit an individual and settle disputes related to property rights and ownership of family businesses.
Establishing a prenuptial agreement can be an important part of the estate planning process. Your attorney can identify your long-term goals and help you protect the financial interests of you and your loved ones.