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Estate Planning And Prenuptial Agreements
The question is? Should we have a marital contract or a prenuptial agreement? If you are happy with the way your state law already provides for the distribution of your assets when your relationship ends in divorce or if you die, perhaps not. It depends on your personal and financial situation.
It comes down to that marriage, is both a personal and financial partnership. With a prenuptial or postnuptial agreement, you can adjust all aspects to your approval, as everyone is different and may require different alterations in these agreements. Especially is there are large assets involved, or if there are children from a previous marriage
Basic estate planning is having a prenuptial agreement. It gives you the option of doing whatever you wish with your assets which more then likely will be different, Then State laws already provided. According to State law you are entitled to a certain amount if there is no documents, what ever you will specifies. In a prenuptial agreement your can waive your respective rights under state law, leaving you free to come to an agreement different from the State.
A reasonable prenuptial agreement allows everyone you care about to be protected, including your mate. You can allow your mate to live in your house even if your children eventually inherit it upon the death of your spouse. The rules are yours to create.
There are some ground rules that must be followed:
A) First it must be in writing.
B) There must be an on full financial disclosure or it will not be valid and can be challenged after you are gone.
C) Each Partner must have there own Attorney so there is no conflict of interest.
D) Take your time in writing the document and try not to do this right before the wedding, because it will look like coercion to the any court.
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