While such concerns are justified, be aware that prenups are not your only option to protect your assets from these scenarios. For example, with a well-thought-out estate plan, you can structure your wealth in such a way that what you have is sure, that in the event of death, you can take care of your future spouse and protect your property in the event of divorce. This way, you can avoid the prenup conversation completely. When it comes to marriage, few topics spark a more unpleasant discussion than the marriage (or pre-marriage) contract. Often misunderstood, he can be seen as a "romantic killer" or as evidence of a "lack of trust". The reality is that these agreements are often the best and sometimes the only way for couples to achieve their financial and post-estate goals. Most states give the surviving spouse rights to a substantial part of the deceased spouse`s estate, regardless of the terms of the will. In co-ownership States, the surviving spouse receives all of the community patrimony, including most of the property acquired during the marriage. Most states also give the surviving spouse the right to obtain a share of choice in the deceased spouse`s estate, which replaces any provision to the contrary in the will or trust. Many pension plans provide for a spouse`s right in the event of death or divorce.
These rights can easily derail your planning, but a carefully crafted marriage contract can put them out of effect and ensure that your wishes are met. If you have material or intangible assets that you introduce into the marriage that you do not want to lose, a marriage contract can help protect those assets from divorce proceedings or from a future "share of choice" of a spouse after your death. This can be essential if you have significant assets such as a business, real estate, intellectual property, vehicles or family property. And if you know you want to make sure your property goes to children from a previous marriage, a marriage contract can protect that property for your children. This article is a service of the law firm of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don`t just design documents; We make sure you make informed and empowered decisions about life and death, for yourself and for the people you love. That`s why we offer a strategic planning meeting where you`ll be better organized financially than ever and make the best decisions for the people you love. You can turn to our office today to arrange a planning meeting and mention this article to find out how to get that $750 session for free.
Maybe! If you list your beneficiaries on bank accounts, they inherit outside the will. So many clients don`t know that even the best estate plan can be ruined by testamentary substitute products such as bank accounts. If you plan ahead, some estate planning vehicles can be used to protect your assets from divorce agreements and ensure that in the event of a divorce, the property will be transferred to your children from a previous marriage. There are different types of trusts that can be created, for example, so that you can protect wealth for yourself in the event of divorce and for your children in the event of incapacity for work or death. . . .