How does a prenuptial agreement affect your estate planning? Just ask your lawyer in Tampa! Your lawyer in Tampa can explain how prenuptial agreements differ from postnuptial agreements and how they both affect your estate planning. Your lawyer in Tampa might suggest the need for a prenup when it comes to your estate planning. This is generally because many couples that are marrying for a second or more time will have previous children or assets. This is because of how you want your assets to be distributed. If you want your children from a previous marriage to receive your assets and not have all of it go to your new spouse, this is a route that can do that. In cases like this, a will isn’t enough because the spouse can claim half of the decedent’s estate.
A prenup is an estate planning tool that sets out what assets were owned previous to the new marriage. It also details the division of property and how assets are to be distributed in the event of a divorce. Most prenups have a provision that neither spouse will inherit the other’s assets, but this can be changed with other measures. One such measure is a sunset provision that can expire the prenup after a pre-determined set number of years.
If the division of wealth is great, then the wealthier spouse may want to protect themselves. This can extend to other reasons as well, such as avoiding the spouse from becoming a business partner if they were to inherit the business.
A prenup tends to work better with wealth disparities or second or third marriages. A young couple with little financial assets may not be the best case for a prenup. However, if one of them was to come into a massive inheritance, then there are other tools in estate planning to ensure the proper recipient receives these assets. It would be helpful to speak with a lawyer about the different tools available for estate planning to ensure the assets are distributed as they were intended.
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