When two inviduals plan to marry and each has a sizable estate already, it is to both party’s advantage to establish a Prenuptial Agreement prior to getting married. Even more important is when both parties have been married previously and have children of their own that they do not want to have disinherited due to the new marriage. In those cases, a Prenuptial Agreement, together with a Trust or a Trust for each party, serves to protect the children from the prior marriage. In both cases, if the marriage does nhot work out, all the rancor, ill will and disruption caused by fighting over assets is greatly reduced or eliminated. If the marriage does last that the Trust or Trusts are reflections of the Prenuptial Agreement, then eveyone’s focus can be on the loss of a loved one, when either spouse dies, instead of fighting for property.
By completing a simple questionaire, followed by an initial consultation, drafts of the agreement can be produced for review. A second attorney serves as the attorney for one of the parties and then the agreement is executed. The fees for most couples is $500.00 plus the cost of the second attorney. Please click on Establishing a Prenuptial Agreement for a discussion of the provisions that may be included in a Prenuptial Agreement and the typical process/time involved.
ESTABLISHING A PRENUPTIAL AGREEMENT
When two parties get married, state law basically decides what happens to the assets of both parties, should the marriage end in divorce or legal separation or at the death of either or both parties. Rather than be bound by state law, the basic purpose of the Prenuptial Agreement is to allow the parties to decide for themselves what will happen with their assets, should the marriage end by legal action or by death. In addition, provisions that may be included in a Prenuptial Agreement include a wide range of issues well beyond simply money:
FREQUENTLY ASKED QUESTIONS
What is the benefit of a Prenuptial Agreement in regards to?
- Assets / Debts
- Real Property Assets
- Real Property Acquired
- Personal Property Acquired
- Health Ins. / Medical Care Costs
- Amending, Resolving Difference / Liquidated Damages
- Dissolution Provisions
- Death – Estate Planning
- Other / Optional Provisions
Contact Craig J. Bauman to Find out
(858) 488 – 1497