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Prenuptial agreements becoming more commonplace

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While prenuptial agreements are traditionally associated with the more affluent, more and more people entering into second marriages are using them as important estate planning tools. A recent article published by The Mercury highlights the specifics of prenups and gives advice for people who may like to consider the benefits afforded by these agreements.

After a marriage ends, either in divorce or in the death of a spouse, prenuptial agreements are intended to resolve any issues of support and property division that may arise. If no prenup is present at the time of death, the surviving spouse could potentially annul an existing estate plan and reroute benefits wherever they choose.

Verbal agreements are not enforced by courts, and prenups must be signed by both spouses. Agreements can be nullified if one spouse is pressured into signing, and it's best if both signatories have legal counsel present when a prenup is signed.

While they might not be romantic, prenuptial agreements can be important for those marrying later in life who have children and assets to protect. A comprehensive life insurance policy can also help provide financial assistance to surviving family members in the event of a policyholder passing away. LIMRA International reports that while the number of life insurance policy purchases has been declining rather consistently over the past two decades, the payouts have been increasing.

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