When people think about prenuptial agreements, they tend to think about what would happen to their assets in a divorce, forgetting that prenuptial agreements do not just cover divorce. They can also protect your children’s access to your assets if you pass away after getting remarried.
In many states, if someone is married when they pass away, their assets either go entirely to the spouse or are split between the spouses and children. This can complicate things for your children if your new spouse decides to claim more than they are entitled to take.
A strong prenuptial agreement is an excellent tool to back up your will and trust to ensure that your assets are divided in the proper way after you pass.
Ensuring That Your Assets Benefit Your Children
You may wonder if this is truly necessary. You’re happily engaged and certain that your partner would never try to override your wishes and take assets from your children. No matter how confident you are, it never hurts to be sure. Money can make people do strange things, and lots of money can make even the most levelheaded person act in selfish or cruel ways. If you pass away, the last thing your children need is a legal battle with their stepparent.
While your prenuptial agreement should outline what will happen with your assets if you divorce, it should also spell out what should be done with your assets if you pass away. Lay out specifically what will go to your children and what will go to your current spouse.
You may want to give everything earned before the marriage to your children and give your marital assets to your spouse or allocate your funds in another way. This is especially important if you have a family business, as drawn-out fights over a business can tank the company’s reputation and ruin its earning potential.
The Benefits of a Comprehensive and Detailed Prenuptial Agreement
Long story short, a detailed prenuptial agreement is important for your family’s protection when you are getting ready to remarry. You should work with an attorney on this document, rather than using prewritten forms or documents. Any inconsistencies or unclear components may cause the agreement to be declared null and void, setting your loved ones up for lengthy and experience court battles.
A thorough prenuptial agreement tells your new spouse exactly what to expect if your marriage ends, protects the assets that both parties are bringing into the marriage, and ensures that your children are provided for in the event of your death.
Another option is to consider a postnuptial agreement. These agreements are drafted and signed after you have already gotten married. However, this is not quite as powerful as a prenuptial agreement. Once you’re married, your spouse already has certain rights and entitlements, so they have little reason to sign. Having the tough conversations ahead of time puts you and your new spouse on the same page, ensuring that your marriage starts on solid footing.
Explore Your Options Now with Kirk Drennan Law
Whether you’re looking for help drafting a prenuptial agreement, enforcing one as you get ready to divorce, or tackling other family law needs, the team at Kirk Drennan Law is here for you. Our extensive experience in high asset divorces makes us a powerful ally to our clients as they exercise their rights and protect their assets. Set up a consultation now by calling us at 205-803-3500 or filling out our .