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Premarital
Agreement Kit
Preparing a premarital
agreement is more common today than ever before. Older
Americans especially find them useful when entering into
another marriage. Upon death, it is mandatory in most
states that at least half your assets be given to the
surviving spouse - unless there is a premarital agreement.
Your children can be guaranteed the vast majority of your
estate if that's what you wish. A Premarital
Agreement defines the rights of each party prior to
marriage. This can be important for one (or both)
prospective spouse who has/have accumulated assets they
wish to protect prior to marriage. The pre-martial
Agreement also allows each party to the Agreement to
provide that their assets, or at least a large portion of
them, go to their children in the event of their death.
The Premarital Agreement will be enforceable only if
signed with the willing consent of both parties to the
prospective marriage (i.e. neither party can be under
duress, pressure or force from the other party or some
outside source), and only after the parties have made full
disclosure of each other's financial situation to the
other.
If the marriage contemplated by the prospective spouses
never occurs, the Premarital Agreement shall have no force
or effect. In executing a Premarital Agreement the parties
can avoid or alter current community property laws with
regards to property already owned by the parties prior to
marriage.
While the Premarital Agreement provides that assets or
property owned by one of the spouses prior to the marriage
remains the property of that spouse upon the dissolution
of the marriage (and our Premarital Agreement allows for
the full and complete disclosure of such property or
assets on easy-to-use schedules), the Agreement provides
that any asset or property acquired AFTER the marriage
shall be owned by both parties jointly, with the right of
survivorship.
What
is a Premarital Agreement? Is it for me?
A premarital agreement is
sometimes called a prenuptial or antenuptial agreement. It
is a document prepared by a person before they marry which
spells out their intentions regarding their assets if they
should divorce or pass away. A premarital agreement can be
used in conjunction with a Last Will & Testament or
other form of estate planning tool.
Premarital agreements
forms are
valid in all states, but with some restrictions. For
example, it cannot be prepared making binding provisions
about child support or alimony if the couple should
divorce. Many states feel including provisions such as
these tends to promote or encourage divorce, plus the fact
that they would not be in the best interest of the child
or spouse.
This kit discusses in further
detail what a premarital agreement is and when it can and
cannot be used. It also includes three different
premarital agreement forms. Full instructions are included
to aid in filling out the forms.
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