For many years prenuptial agreements were thought important only for the rich and famous. Today, however, even the average resident in Tennessee may be able to benefit from these marital contracts. Important to note is that today’s prenups are not just about protecting spouses and their assets in the event of a potential and unforeseen divorce.
As explained by AARP, a prenuptial agreement may act as a valuable part of a couple’s estate planning toolset. Certainly, a person should not think that a prenup can or should replace a trust, will or other estate planning document but it can adjunct those nicely. In fact, some things may be easier to outline in a prenuptial agreement. It may also be helpful to have more than one document that outlines some of the same wishes to fortify the validity of those directives.
CNBC adds that for couples who are getting married with children from prior marriages, creating prenuptial contracts can help them outline and preserve certain assets for their children after they die. These contracts might also be able to set stipulations preserving financial commitments one spouse has to a former spouse or to minor children so that the new marriage does not take away from these obligations.
For spouses who want to outline post-death wishes that both provide care and financial support for the surviving spouse and an inheritance for adult children and even grandchildren, a prenuptial agreement may well be a great tool to doing this. Also important is to ensure beneficiary designations are always updated.