Pre- and post-nuptial agreements not just for divorce planning
A premarital contract can be an effective component to estate planning for any couple but many couples who marry later in life find it especially so.
February 01, 2014 /24-7PressRelease/ -- Pre- and post-nuptial agreements not just for divorce planning
Article provided by Law Office of J. Joseph Weber, P.A.
Visit us at http://www.weberlawoffice.com
Certainly one reason that any Kansas couple may consider a prenuptial or postnuptial agreement is to guard select assets in the event that a divorce ultimately ensues. However, that is not the only reason that you should consider utilizing one of these forms of a marital contract.
A prenuptial agreement or postnuptial agreement is no longer just for the elite or wealthy but can be very beneficial to a wide audience and, as such, both have been gaining popularity in recent years.
An adjunct to estate planning
A premarital contract can be an effective component to estate planning for any couple but many couples who marry later in life find it especially so. People who get married near retirement age or even post retirement typically have more assets separately than do younger couples.
They may even have adult children or grandchildren that they wish to leave certain property or other assets to. Outlining such choices in a prenuptial agreement can be a highly effective and useful means of such a contract.
Even if other forms of estate planning are utilized, such as wills or trusts, including a prenuptial agreement only works to make the plans of an individual more clear, something which is always a good thing.
A way to provide for minor children
Getting married when one or both parties have minor children already offers many unique challenges. One can be ensuring that all financial responsibilities to those children are kept intact. Some couples can find that utilizing a premarital agreement is a good way to clearly outline what money is to be used for what purpose as well as what should be considered separate versus marital property. This can be so for the duration of the marriage as well as in the event of a divorce later on.
Additionally, as noted above, specific belongings can be identified as the property of the minor children versus the other spouse in the event that a particular spouse should die.
Protection for stay-at-home parents
With the desire to stay at home with young children strong for many couples, concerns about future financial security can make the idea seem less safe. Many working professionals who opt to leave their careers for several years in order to rear children realize a drop in their salaries when reentering the workforce. It is not uncommon for a person once earning $100,000 per year to be forced to accept a job making only $50,000 per year after a 10-year period of not working outside the home.
If one spouse is willing to forgo an income in lieu of raising the couple's children, a postnuptial agreement can provide protection if a divorce were to happen after he or she leaves a job. This security may make it easier for one spouse to be willing to stay home with children and ease worries about a negative change in financial status.
Talk to an attorney to learn more
The situations above are only some of the circumstances which may lend themselves well to prenuptial or postnuptial agreements. It could well be worth your time to discuss such topics with not only your spouse but also with an attorney to learn how these valuable documents could help your family.
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