The Law Society of Africa recently held its annual “national wills” week to encourage all South African citizens to get wills drawn up free of charge by Licensed Attorneys. When drafting a will there are a few tips and problems that can happen that you need to be aware of. Complications can arise in any size estate and it’s important to be aware of what do if those complications do arise.
The Fiduciary Institute of South Africa (FISA) advises individuals to constantly update their will due to a change in assets, relationships and/or other financial circumstances. Also, when choosing an executor or trustee for your will you should be sure to find out about their background and experience to make sure you pick the best person for the job. Other tips FISA gives are to make sure your local estate and any offshore assets don’t conflict, to research capital gains tax/estate duty/liquidity aspects to make sure you would be able to pay off all your outstanding debts, and how the marriage you may have can affect what rights your spouse has to your assets.
Thursday, October 7, 2010
Tuesday, August 3, 2010
MVP Law Group profiled on Entrustet Blog
Digital Asset Protection
Do you own Digital Assets? Domain names, email, paypal accounts...have you ever thought about what would happen to those assets when you pass away?
Entrustet.com has created an amazing free online tool that allows you to list all of your digital assets, determine whether those assets will be transferred or terminated, and designate beneficiaries for each asset. After creating the list, you should contact a Licensed Estate Planning Attorney experienced in dealing with digital assets in your state to assist you with the preparation of your estate planning documents.
MVP Law Group, a Maryland law firm, is familiar with the Entrustet digital asset tool and knows how to incorporate your digital assets into your estate planning documents - to protect your family and secure your legacy.
Contact MVP Law Group today to schedule a free initial consultation!
Do you own Digital Assets? Domain names, email, paypal accounts...have you ever thought about what would happen to those assets when you pass away?
Entrustet.com has created an amazing free online tool that allows you to list all of your digital assets, determine whether those assets will be transferred or terminated, and designate beneficiaries for each asset. After creating the list, you should contact a Licensed Estate Planning Attorney experienced in dealing with digital assets in your state to assist you with the preparation of your estate planning documents.
MVP Law Group, a Maryland law firm, is familiar with the Entrustet digital asset tool and knows how to incorporate your digital assets into your estate planning documents - to protect your family and secure your legacy.
Contact MVP Law Group today to schedule a free initial consultation!
Thursday, June 24, 2010
The Importance of Keeping one’s Affairs in Order
Actor Gary Coleman died May 28, 2010 from a brain hemorrhage after suffering a fall in his home. Three weeks after his death, he was finally cremated after weeks of legal battles. Since Mr. Coleman’s death, two wills have surfaced, one allegedly created in 1999, and an addendum to a will dated 2007 that names his former wife as sole heir to the actor’s estate.
Click here to read the entire article.
Here is just one story where the importance of keeping one’s affairs in order could have avoided the confrontation and legal battles that followed the actor’s death. Whether celebrity or not, proper planning for the inevitable may avoid the confusion and frustration, and legal/money scuffles after your death.
Last Will & Testament
You have worked your entire life to create a legacy to be passed on to your family, why not execute a Will that will protect your property, your family and carry out your wishes after you are no longer here to oversee how things are carried out. Plan now to protect for later.
Besides distributing property, your will may name a guardian for any minor children. It may also name a personal representative/executor to carry out the terms of the will. If you have pets, you can even name a guardian and provide arrangements for their care. Additionally, with a will you can create a trust and designate a trustee to handle the estate.
Talk with your family, discuss your wishes and then execute legal documents (wills/trusts) that will carry out those wishes long after you’re gone.
Advance Directive
Gary Coleman’s ex-wife, Shannon Price, ordered doctors at Utah Valley Regional Medical Center to disconnect his life support a day after he fell into a coma. With an executed HealthCare Advance Directive you prepare in advance for the inevitable.
The Advance Directive allows for you to inform your health care providers of your medical wishes in case something where to occur that would leave you unable to communicate your wishes to your doctor/hospital/family members and allows for you to designate a health care agent to make sure that your wishes are carried out, and to make decisions on issues not addressed in your Advance Directive in your best interest.
The Advance Directive normally involves these types of issues: Admission and/or Discharge from Hospital, Hospice, Nursing Home, or other medical facility; Request to Receive Protected Health Records as your Personal Representative under HIPAA; Withholding/Withdrawing Life-Prolonging Procedures; Withdrawing Food & Water (Artificially Administered Nutrition & Hydration); Palliative Care; Authorizing Organ, Tissue or Body Donation; Authorizing an Autopsy; Authorizing Disposition of Your Remains; Nominating a Guardian; and Pregnancy (you may indicate whether or not you want Health Care directions carried out in the event of your pregnancy). However, with an Advance Directive, you may specify your care for different situations, or if you wishes are simple, you may leave all decisions to your health care agent to act in your best interest.
We know that NO ONE wants to plan for the inevitable; however, having the proper estate planning protections in place is an investment in your future and the future of your family. We all are aware of the legal battles and emotions that may arise from conflicting legal documents and disgruntled family members, so it is best to discuss these issues now and put them in writing for later so that hopefully, your wishes are carried out when the time comes.
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
Monday, June 14, 2010
Post Marital/Separation Agreements – RESOURCES RESOURCES RESOURCES
Welcome Back to the MVP Estate Planning Blog!
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I have provided several different resources for you to find out any and all things related to Post-marital/Separation Agreements.
POST-MARITAL/SEPARATION AGREEMENT - RESOURCES:
Divorce HG.com
Separation Agreements
About.com: Marriage
Postnuptial Agreements: Latest Trend in Promoting Harmony in Marriage
The Boston Globe
Sealing a contract after the Marriage: Couples spell out duties, finances
Equality in Marriage Institute
Creating a Postnuptial Agreement
American Bar Association
Prenuptial and Postnuptial Agreements
DivorceSupport.com
Separation Agreements
eHow
How Long Does A Marital Separation Agreement Last?
The Standard Legal Law Library
Marital Separation Agreement: an Overview Q & A
Divorcenet.com
Maryland Separation Agreement FAQs
Ezine Articles
Can a Martial Separation Ever Save a Marriage?
If you know of any additional credible resources, please leave a comment below with the URL. Thank you!
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I have provided several different resources for you to find out any and all things related to Post-marital/Separation Agreements.
POST-MARITAL/SEPARATION AGREEMENT - RESOURCES:
Divorce HG.com
Separation Agreements
About.com: Marriage
Postnuptial Agreements: Latest Trend in Promoting Harmony in Marriage
The Boston Globe
Sealing a contract after the Marriage: Couples spell out duties, finances
Equality in Marriage Institute
Creating a Postnuptial Agreement
American Bar Association
Prenuptial and Postnuptial Agreements
DivorceSupport.com
Separation Agreements
eHow
How Long Does A Marital Separation Agreement Last?
The Standard Legal Law Library
Marital Separation Agreement: an Overview Q & A
Divorcenet.com
Maryland Separation Agreement FAQs
Ezine Articles
Can a Martial Separation Ever Save a Marriage?
If you know of any additional credible resources, please leave a comment below with the URL. Thank you!
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
Thursday, June 3, 2010
Introduction – Post-marital/Separation Agreements
Welcome Back to the MVP Estate Planning Blog!
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I will provide you with basic information regarding Post-marital/Separation Agreements. Most people are not familiar with the term Post--marital Agreement, yet it is identical to and operates in the same manner as a Separation Agreement.
Preparing a Post-Marital agreement is a process that can be a helpful experience for some and an unpleasant experience for others. However, having a post-marital agreement in place is better than having a Court of Law determine what’s in your best interest.
We have assembled a brief Q&A regarding the basics related to the planning and preparation of your Post-Marital Agreement.
What is a Post-Marital Agreement?
A post-martial agreement is an agreement made between spouses after marriage. The post-martial agreement is similar to the pre-nuptial agreement; however, it is entered into after the marriage of the parties, and normally when circumstances have changed. It is a way for couples to legally resolve property distribution matters, divide debt, and provide for or deal with children. The agreement must be in writing and signed freely and voluntarily by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement may provide specific financial benefits to ensure that if your spouse fails to live up to their end of the agreement, a court will enforce it.
Should I execute a post-marital agreement?
The post-marital agreement is growing in popularity and as a result many more individuals are deciding to enter into post-martial agreements for various reasons. Some of those reasons have been: failure to create a pre-nuptial agreement; change in financial status; disagreement about finances and want a resolution; starting a business, and a host of other reasons for making the decision to create a post-marital agreement.
However, a couple should be aware of the advantages and disadvantages involved with a post-marital agreement. Most use the agreement as a blue print for eventual divorce, but this type of agreement has been used as an efficient and effective way to save a marriage. The very process of working with your spouse on this type of arrangement is a positive exercise for most couples.
What types of things can a post-marital agreement cover?
Just like a pre-nuptial agreement, a post marital agreement may cover a variety of issues:
• Alimony/spousal support
• Property rights (real and personal)
• Personal rights
• Household responsibilities
• Child Custody and Visitation
• Child Support & Support Guidelines
• Child-rearing issues
• Debts
• Health Insurance coverage
• Life Insurance coverage
• Retirement & Survivor benefits
• Business Interests
• Bank Accounts & Investments
• Income Tax Returns
• Jurisdiction/Controlling Law
• Merger/Incorporation clauses
• Attorneys fees
• Waiver clauses
Should I seek the services of an experienced Attorney?
Yes, you should seek the services of an experienced Attorney to draft a post-marital agreement that meets your specific needs. We also suggest that each spouse obtain independent counsel to ensure the rights and interests of both of you are fairly represented.
Can I revoke a post-marital agreement?
A Post-Marital Agreement is revocable if signed in writing by both parties, freely and voluntarily absent fraud and duress.
Can it be modified?
Certain provisions may be modified UNLESS there is an express waiver or provision stating that the particular provision is not subject to court modification. Additionally, a provision may be included in the agreement that provides that modification will not occur except on the occurrence of an express condition (cohabitation by the supported spouse, substantial change in circumstances).
Provisions dealing with child support/custody/care/education and visitation are always going to be modifiable by a Court if in the “best interests of the child,” even if there is a waiver or other provision providing otherwise.
How is it enforceable?
A post-marital agreement standing alone has the same force as an independent contract; however, if the separation agreement is incorporated or merged into a divorce decree, then the type of enforcement varies.
If incorporated into the divorce decree, the Post-Marital agreement will be enforceable via contempt proceedings and as an independent contract.
If merged with the divorce decree, the agreement will only be enforceable through contempt proceedings.
Separation agreements provide a way to ease tension and have become favored by the courts as a peaceful means of terminating marital strife and discord. Although many may see entering into a separation agreement as a romance killer, or a white line to divorce; it has the same purpose of a pre-nuptial agreement; to lay out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. Even if the underlying interest is to obtain a divorce, a separation agreement is a way to work it out without having a Judge determine the terms of your separation.
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 15, 2010
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I will provide you with basic information regarding Post-marital/Separation Agreements. Most people are not familiar with the term Post--marital Agreement, yet it is identical to and operates in the same manner as a Separation Agreement.
Preparing a Post-Marital agreement is a process that can be a helpful experience for some and an unpleasant experience for others. However, having a post-marital agreement in place is better than having a Court of Law determine what’s in your best interest.
We have assembled a brief Q&A regarding the basics related to the planning and preparation of your Post-Marital Agreement.
What is a Post-Marital Agreement?
A post-martial agreement is an agreement made between spouses after marriage. The post-martial agreement is similar to the pre-nuptial agreement; however, it is entered into after the marriage of the parties, and normally when circumstances have changed. It is a way for couples to legally resolve property distribution matters, divide debt, and provide for or deal with children. The agreement must be in writing and signed freely and voluntarily by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement may provide specific financial benefits to ensure that if your spouse fails to live up to their end of the agreement, a court will enforce it.
Should I execute a post-marital agreement?
The post-marital agreement is growing in popularity and as a result many more individuals are deciding to enter into post-martial agreements for various reasons. Some of those reasons have been: failure to create a pre-nuptial agreement; change in financial status; disagreement about finances and want a resolution; starting a business, and a host of other reasons for making the decision to create a post-marital agreement.
However, a couple should be aware of the advantages and disadvantages involved with a post-marital agreement. Most use the agreement as a blue print for eventual divorce, but this type of agreement has been used as an efficient and effective way to save a marriage. The very process of working with your spouse on this type of arrangement is a positive exercise for most couples.
What types of things can a post-marital agreement cover?
Just like a pre-nuptial agreement, a post marital agreement may cover a variety of issues:
• Alimony/spousal support
• Property rights (real and personal)
• Personal rights
• Household responsibilities
• Child Custody and Visitation
• Child Support & Support Guidelines
• Child-rearing issues
• Debts
• Health Insurance coverage
• Life Insurance coverage
• Retirement & Survivor benefits
• Business Interests
• Bank Accounts & Investments
• Income Tax Returns
• Jurisdiction/Controlling Law
• Merger/Incorporation clauses
• Attorneys fees
• Waiver clauses
Should I seek the services of an experienced Attorney?
Yes, you should seek the services of an experienced Attorney to draft a post-marital agreement that meets your specific needs. We also suggest that each spouse obtain independent counsel to ensure the rights and interests of both of you are fairly represented.
Can I revoke a post-marital agreement?
A Post-Marital Agreement is revocable if signed in writing by both parties, freely and voluntarily absent fraud and duress.
Can it be modified?
Certain provisions may be modified UNLESS there is an express waiver or provision stating that the particular provision is not subject to court modification. Additionally, a provision may be included in the agreement that provides that modification will not occur except on the occurrence of an express condition (cohabitation by the supported spouse, substantial change in circumstances).
Provisions dealing with child support/custody/care/education and visitation are always going to be modifiable by a Court if in the “best interests of the child,” even if there is a waiver or other provision providing otherwise.
How is it enforceable?
A post-marital agreement standing alone has the same force as an independent contract; however, if the separation agreement is incorporated or merged into a divorce decree, then the type of enforcement varies.
If incorporated into the divorce decree, the Post-Marital agreement will be enforceable via contempt proceedings and as an independent contract.
If merged with the divorce decree, the agreement will only be enforceable through contempt proceedings.
Separation agreements provide a way to ease tension and have become favored by the courts as a peaceful means of terminating marital strife and discord. Although many may see entering into a separation agreement as a romance killer, or a white line to divorce; it has the same purpose of a pre-nuptial agreement; to lay out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. Even if the underlying interest is to obtain a divorce, a separation agreement is a way to work it out without having a Judge determine the terms of your separation.
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 15, 2010
Wednesday, June 2, 2010
Prenuptial/Premarital Agreements – Need More Information?
Welcome Back to the MVP Estate Planning Blog!
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I have provided several different resources for you to find out any and all things related to Prenuptial/Premarital Agreements.
PRENUPTIAL/PREMARITAL AGREEMENT - RESOURCES:
Prenuptial Agreements
Your Guide to Prenuptial Agreements
About.com: Marriage
Prenuptial Marriage Agreements
I Do! Take Two: Guide to Second Weddings, Second Marriage and Vow Renewals
Prenuptial Agreements
Equality in Marriage Institute
Creating a Prenuptial Agreement
USA Today
Prenuptial Agreements: Unromantic, but Important
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 8, 2010
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I have provided several different resources for you to find out any and all things related to Prenuptial/Premarital Agreements.
PRENUPTIAL/PREMARITAL AGREEMENT - RESOURCES:
Prenuptial Agreements
Your Guide to Prenuptial Agreements
About.com: Marriage
Prenuptial Marriage Agreements
I Do! Take Two: Guide to Second Weddings, Second Marriage and Vow Renewals
Prenuptial Agreements
Equality in Marriage Institute
Creating a Prenuptial Agreement
USA Today
Prenuptial Agreements: Unromantic, but Important
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 8, 2010
Tuesday, May 18, 2010
Introduction – Prenuptial Agreements/Premarital Agreements
Welcome Back to the MVP Estate Planning Blog!
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I will provide you with basic information regarding Prenuptial Agreements/Premarital Agreements. Most people are not familiar with the term Pre-Marital Agreement, yet it is identical to and operates in the same manner as a Pre-Nuptial Agreement.
Preparing a Pre-Marital agreement is a process that involves significant planning and preparation for both parties to the agreement. We have taken the time to assemble a brief Q&A regarding the essentials related to the planning and preparation of your Pre-Marital Agreement.
What is a Pre-Marital Agreement?
A pre-martial agreement is an agreement made between two people who are contemplating marriage. The agreement requires full and frank disclosure from both parties. It provides a list of all property each person owns and their accompanying debt.
The agreement also lays out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. This agreement must be in writing and signed by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement will become enforceable upon the marriage of the parties.
Should I get a prenuptial?
Prenuptial agreements used to be looked down upon; however, they now are becoming more acceptable in our society. You should definitely consider entering into a prenuptial agreement if you have children from a previous marriage, you own significant amounts of property, have previously been married, have a salary over $100,000, or own a business and/or family business. There are four main purposes of a prenuptial agreement: to avoid costly litigation, to protect family and/or business assets, to protect against creditors, and to give you assurance that marital property will be disposed of properly. If you do not have a prenuptial, the State of Maryland will divide the assets of the marital union based on an equitable distribution, equitable does not necessarily mean “equal,” in the event of a divorce.
Should I seek independent counsel?
YES, absolutely. Each party to the marriage should seek independent counsel before entering into a prenuptial agreement so that there is full and frank disclosure, a full understanding of the rights, duties and responsibilities of the parties to the agreement, and to ensure that the agreement is free from duress and fraud. If one party seeks counsel and the other does not, and the terms of the agreement are unfavorable to one party, the entire agreement may be considered unenforceable in a court of law.
What must be disclosed in a pre-marital agreement?
Certain information must be provided by both parties to the agreement, that particular information is provided below:
• Checking accounts
• Certificates of Deposit, Savings Accounts
• Stocks & Bonds
• Mutual Funds
• Real Estate
• Business Interest/Ownership
• Retirement Benefits (IRA, 401(k), other retirement benefits)
• Life Insurance polices/annuities
• Other Trusts, Anticipated Inheritance
• Personal Property (cars, boats, etc)
• Other Personal Property (home furnishings, jewelry, collections, etc)
• Liabilities (home mortgage, debts, etc)
• Other Assets
• Most recent personal federal income tax return
What types of things may be included in a pre-marital agreement?
A prenuptial agreement can include a wide array of things. It may include the following types of provisions:
• Alimony/Spousal Support or Waiver thereof
• Use or nonuse of Joint Bank Accounts
• Filing of Tax Returns
• Agreements about specific purchases or projects
• Purchasing a home/starting a business
• Use/nonuse/limited use of Credit Cards
• How to settle future disagreements
• Lifestyle clauses
• Right to inherit
• Right to be named beneficiary of life insurance policy and/or retirement benefits
However, personal agreements as to household chores, exercising, cooking, etc should be kept out of the agreement, as they are not binding in court, and may cause a Judge to take your pre-martial agreement less seriously.
What CANNOT be included in a pre-marital agreement?
Prenuptial agreements have been drafted to include almost anything; however, there are certain provisions that cannot be included and if they are, will be stricken and unenforceable. Those provisions are provided below:
• Illegal actions and issues that are against public policy
• Restricting child support, custody or visitation rights
• Financial incentives for divorce
Almost anything else may be included in a prenuptial agreement and have been included in such agreements.
Can I revoke my pre-marital agreement?
A pre-martial agreement may be revoked after the marriage by written agreement signed by both parties, free from fraud and duress.
**Words of Advice**:
Speak with your significant other regarding the benefits, and disadvantages of a prenuptial agreement before seeking the assistance of experienced attorneys. It will make the whole process and the final document more balanced if you have the necessary time and patience to discuss your options with your partner before preparing the document. It’s best to have a written outline prepared beforehand of what you want included in your prenuptial agreement.
If you or a loved one is contemplating a prenuptial agreement, think about it, discuss it with your partner, and contact our law firm for more information.
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 1, 2010
Please feel free to ask questions and engage in the discussion. We will not know how to adequately address your needs and concerns unless you provide us with some feedback.
In this post, I will provide you with basic information regarding Prenuptial Agreements/Premarital Agreements. Most people are not familiar with the term Pre-Marital Agreement, yet it is identical to and operates in the same manner as a Pre-Nuptial Agreement.
Preparing a Pre-Marital agreement is a process that involves significant planning and preparation for both parties to the agreement. We have taken the time to assemble a brief Q&A regarding the essentials related to the planning and preparation of your Pre-Marital Agreement.
What is a Pre-Marital Agreement?
A pre-martial agreement is an agreement made between two people who are contemplating marriage. The agreement requires full and frank disclosure from both parties. It provides a list of all property each person owns and their accompanying debt.
The agreement also lays out the rights, duties and responsibilities of the parties during and upon termination of the marriage through death or divorce. This agreement must be in writing and signed by both parties, with fair and reasonable terms free from fraud and duress to be enforceable in court. The agreement will become enforceable upon the marriage of the parties.
Should I get a prenuptial?
Prenuptial agreements used to be looked down upon; however, they now are becoming more acceptable in our society. You should definitely consider entering into a prenuptial agreement if you have children from a previous marriage, you own significant amounts of property, have previously been married, have a salary over $100,000, or own a business and/or family business. There are four main purposes of a prenuptial agreement: to avoid costly litigation, to protect family and/or business assets, to protect against creditors, and to give you assurance that marital property will be disposed of properly. If you do not have a prenuptial, the State of Maryland will divide the assets of the marital union based on an equitable distribution, equitable does not necessarily mean “equal,” in the event of a divorce.
Should I seek independent counsel?
YES, absolutely. Each party to the marriage should seek independent counsel before entering into a prenuptial agreement so that there is full and frank disclosure, a full understanding of the rights, duties and responsibilities of the parties to the agreement, and to ensure that the agreement is free from duress and fraud. If one party seeks counsel and the other does not, and the terms of the agreement are unfavorable to one party, the entire agreement may be considered unenforceable in a court of law.
What must be disclosed in a pre-marital agreement?
Certain information must be provided by both parties to the agreement, that particular information is provided below:
• Checking accounts
• Certificates of Deposit, Savings Accounts
• Stocks & Bonds
• Mutual Funds
• Real Estate
• Business Interest/Ownership
• Retirement Benefits (IRA, 401(k), other retirement benefits)
• Life Insurance polices/annuities
• Other Trusts, Anticipated Inheritance
• Personal Property (cars, boats, etc)
• Other Personal Property (home furnishings, jewelry, collections, etc)
• Liabilities (home mortgage, debts, etc)
• Other Assets
• Most recent personal federal income tax return
What types of things may be included in a pre-marital agreement?
A prenuptial agreement can include a wide array of things. It may include the following types of provisions:
• Alimony/Spousal Support or Waiver thereof
• Use or nonuse of Joint Bank Accounts
• Filing of Tax Returns
• Agreements about specific purchases or projects
• Purchasing a home/starting a business
• Use/nonuse/limited use of Credit Cards
• How to settle future disagreements
• Lifestyle clauses
• Right to inherit
• Right to be named beneficiary of life insurance policy and/or retirement benefits
However, personal agreements as to household chores, exercising, cooking, etc should be kept out of the agreement, as they are not binding in court, and may cause a Judge to take your pre-martial agreement less seriously.
What CANNOT be included in a pre-marital agreement?
Prenuptial agreements have been drafted to include almost anything; however, there are certain provisions that cannot be included and if they are, will be stricken and unenforceable. Those provisions are provided below:
• Illegal actions and issues that are against public policy
• Restricting child support, custody or visitation rights
• Financial incentives for divorce
Almost anything else may be included in a prenuptial agreement and have been included in such agreements.
Can I revoke my pre-marital agreement?
A pre-martial agreement may be revoked after the marriage by written agreement signed by both parties, free from fraud and duress.
**Words of Advice**:
Speak with your significant other regarding the benefits, and disadvantages of a prenuptial agreement before seeking the assistance of experienced attorneys. It will make the whole process and the final document more balanced if you have the necessary time and patience to discuss your options with your partner before preparing the document. It’s best to have a written outline prepared beforehand of what you want included in your prenuptial agreement.
If you or a loved one is contemplating a prenuptial agreement, think about it, discuss it with your partner, and contact our law firm for more information.
Our helpful and capable staff invites you to contact us today to schedule an informative, 30 minute free, initial consultation with an estate planning attorney.
PLEASE LOOK FORWARD TO OUR NEXT BLOG POSTING SCHEDULED FOR TUESDAY, JUNE 1, 2010
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