Prenuptial agreements are legal documents that couples sign before getting married. They outline what will happen to their assets and properties in the event of a divorce or death. While prenups are often associated with celebrity marriages and high net-worth individuals, they can be beneficial for any couple looking to protect their assets.
In his LinkedIn post, Joel Schoenmeyer explains why trusts and estates lawyers sometimes draft prenups:
You may be asking, "Joel, why are you - a T&E guy - talking about prenups? Isn't this the domain of family law attorneys?" The answer to that is, not really. Yes, negotiating and drafting prenups requires some understanding of family law. But it also requires significant knowledge of income and transfer taxes, and a strong background in probate and property law. After all, the prenup needs to address what happens if one spouse dies during the marriage.
Trusts and estates lawyers are often involved in drafting prenuptial agreements because they have a strong understanding of property and probate law. They can help couples create a plan that ensures their assets are distributed according to their wishes and can also assist with minimizing tax liabilities.
It's important to note that prenups are not just about divorce. They can also help protect assets in the event of a spouse's death, ensuring that the surviving spouse is taken care of financially. In fact, prenups are becoming increasingly popular among older couples who are entering into second marriages and want to protect their children's inheritance.
Overall, prenups can be a valuable tool for any couple looking to protect their assets and plan for the future. Trusts and estates lawyers are well-equipped to help with the drafting process and can ensure that all legal requirements are met.
I wrote this blog post with the help of an AI assistant, GrammarlyGO, an advanced algorithms and machine learning technology.