Why a Prenup Can Be a Valuable Estate Planning Addition
In brief, one of the world’s richest power couples is divorced. The public eye watched to see how the Bill and Melinda Gates divorce unfolded. Sources say they did not have a prenuptial agreement (prenup) in place. It appears that they did have a postnup. That was used as a guide for the uncoupling process will unfold as assets were divided according to the agreement. Prenups and postnups can be important for setting and protecting expectations for marriage and divorce. At the same time, these agreements can also be valuable estate planning tools.
A prenup or postnup can serve a vital purpose in any marriage.
Bill and Melinda Gates may have wealth paralleled and exceeded only by an ultra-rich few in the world. People of all levels of wealth can benefit from having a prenup or postnup in place. At least, if you are planning to marry, consider establishing a prenup. Even though you may already be married, you still have the option of establishing a postnup. They can serve a foundational role in protecting your assets and financial interests. If you and your spouse go separate ways in the event of divorce or death, your interests will be protected.
Prenups and postnups can provide clarity and control of asset distribution during estate settlement.
The more commonly known features of prenups address how assets will be divided upon divorce and alimony considerations. When the marriage ends, other aspects such as anticipated inheritances can also be addressed. A prenup can dictate what will happen to property in the event of one spouse’s death. Furthermore, a prenup can address a waiver of the elective share. The elective share is an option for a surviving spouse who receives little or no inheritance. The elective share in Florida is 30% of the elective estate. Disinherited or left less than 30% of the elective estate, the surviving spouse would likely take the elective share. Even so, this can be waived through a prenup or postnup.
Do you have more questions about including a prenuptial or postnup in your estate planning? Please reach out to our office to schedule an appointment:
Law Offices of John Mangan, PA
Palm City – Stuart, FL
CALL: 1 (772) 218-0480
Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480
Written by: John Mangan, JD, MBA