Many people believe that prenuptial agreements are only for the extremely rich or famous. But this is inaccurate and far from reality. Prenuptial agreements have a valid place in the estate plans of many individuals and families. If marriage is on the horizon, it is important to discuss adding a prenup in your estate plan with your attorney.
7 Reasons to Consider a Prenup in Your Estate Plan
A prenuptial agreement is an agreement between future spouses prior to entering into marriage that addresses their various property interests and how they should be handled if a divorce occurs later. You should consider incorporating a prenuptial agreement into your estate plan when:
- You own your own business.
- You are involved in a family-owned business.
- You are saving significantly in a 401(k) or other retirement plan.
- You stand to inherit assets from your family.
- You own a home that you purchased prior to marriage that will be used as the marital home.
- Your future spouse has accumulated a significant amount of debt.
- You have accumulated a substantial amount of assets prior to the marriage.
In each of these situations, there is a valid reason to consider drafting a prenuptial agreement when creating your estate plan. Without a prenuptial agreement in place, negative consequences could occur that ultimately interfere with your other estate planning goals. We can help ensure that these issues are properly addressed before you enter into your marriage, so your estate plan functions as you intend. Contact us today at (714) 459-5481 for more information.