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Prenuptial Agreement Protects Loved Ones

Some people think it is a bad sign if a couple signs a prenuptial agreement because they think it is an indication that the couple is already planning on the marriage not working. That is not true though. A prenuptial agreement can sometimes be a sign of love. When one or both parties to a marriage have a great deal of wealth, signing a prenuptial agreement can be an indication that both spouses are marrying for love and not for money.

Lakers Kobe Bryant Needed a Prenuptial Agreement

Just before Christmas, basketball star Kobe Bryant and his wife of ten years announced they were getting divorced.  Kobe and his wife did not sign a prenuptial agreement. In California spouses are entitled to one half of all income and assets acquired during the marriage.  Spouses are also entitled to a share of an estate when the other spouse passes away.

There are cases, especially in subsequent marriages, in which a spouse may wish to leave assets to his/her children rather than his/her spouse.  A last will and testament will not override a spouse’s right to his or her share of property under law, the law will be followed rather than the provisions of a will.  A valid prenuptial agreement though can serve as a waiver to spousal property.

Getting Legal Help

Working as a team with an estate planning attorney you can create plan which preserves assets, minimizes taxes and protects loved ones. Experienced Estate Planning Attorney Elga Goodman can help you understand your options for tax-saving and trust strategies.

Call us today at 973-841-5111.

Posted in: Estate Planning, New York Estate Planning