Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Chester County Prenuptial Agreements for Little Assets

Posted on Wed Oct 7, 2015, on Prenups and Prenuptial Agreements

From our “Ask a Question” Mailbag: Chester County Prenuptial Agreements for Little Assets

Most Recently Updated July 22, 2018.

“What good is a prenup? My father says I need a prenup, but I don’t own much.”

Chester County Prenuptial Agreements for Little Assets

Chester County Prenuptial Agreements for Little Assets

Even though you do not have much now, your father is likely worried about what you will inherit from him and what you will earn in the future. I would imagine your father has witnessed what appeared to be happy marriages that descended into warfare. He is trying to help you avoid some of that pain if your upcoming marriage doesn’t work out. The advantages of Prenuptial Agreement are coming to an agreement with your business partner/spouse now about financial decisions while you are still friends. And I mean business partner, because your marriage is very much like a business with assets under management and real liabilities if the arrangement fails.

What’s in a Prenup?

Some examples of what can be addressed in the prenup include clarifying that all inheritances and the growth in value on them remain separate property (that is what your dad is likely worried about). You can also address alimony payments and how to divide up your marital property if you divorce. Once you marry, your spouse has a right to claim a portion of your estate at your death. This is called the spousal election. So even if you keep your future inheritance separate, and give those assets to your child at your death through your Will, without a prenup your spouse can still claim a portion.

This right can be waived in a prenup, so you are free to leave your inheritance as you wish. You might say that you would give this money to your spouse anyway, but after you have children and realize that if you die your spouse will likely remarry, you may instead wish to leave your family inheritance in a trust for your spouse and children out of the reach of her future husband. Working out the prenup and talking openly about your assets with your spouse is usually a good idea.

More Planning Questions?

The prenuptial agreement is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion:Chester County Prenuptial Agreements for Little Assets

I hope that this article was helpful in explaining the prenup. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Chester County, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Pennsylvania, Prenup, Prenup Attorney, Prenup Lawyer, Prenuptial Agreement, Prenuptial Agreement Attorney, Prenuptial Agreement Lawyer

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Maxine G.

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Klenk Law Logo
Stars

Stephen T.

Peter and his staff handled all of our needs in a very professional and timely matter.

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Klenk Law Logo
Stars

Chris B.

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Klenk Law Logo
Stars

Michael Wolfgang

Peter and the whole team at Klenk Law are top notch. They are thorough, efficient and understanding of client needs. He was able to tailor our estate planning needs just how we envisioned.

Let us put our expertise to work for you.

Free consultation within 24 hours.