One may immediately associate prenuptial agreements with younger newlyweds, looking to protect each individuals’ pre-marital wealth. While this is certainly true, it is important to see the value in a prenuptial agreement later in life when remarrying and ensuring it cooperates with estate planning matters. Each spouse will want to ensure that their children from prior marriages or other heirs receive their fair share of the estate as beneficiaries which can be worked into a prenuptial agreement.
Prenuptial agreements do not just focus on divorce and can be a great resource in estate planning. They can set forth property division in the event of either spouse’s death, which would then delineate who receives the property or assets. A prenuptial agreement changes the normal marital rights created by marriage. Property rights, entitlement to support, and other legal responsibilities can be modified from that which is created by marriage under Pennsylvania law. Drafting a prenuptial agreement and estate planning should go hand in hand as the couple can outline their assets and distribution goals. It is a simplified and holistic approach to ensuring everything is covered for either spouse.
A caveat to holding off on estate planning after the prenuptial agreement or not including it in the process may occur years down the road. Couples who wait may make a few decisions with titling property, creating trusts, etc. without realizing how they affect the prenuptial agreemend. These other transactions can create jointly titled property that would invalidate terms of a prenuptial agreement. Those contradictions can be avoided by speaking with an experienced estate lawyer that can provide insight and resources for the long term.
Contact our office today by calling (215) 486-8171 or submitting an online inquiry form for more information and to schedule a consultation with a Doylestown estate lawyer.