Why Should Engaged Couples Have a Prenup?
Dividing Your Estate Without a Prenup
Robert is entering into a second marriage with his fiancée Barbara. He wishes to leave his children from his first marriage part of his estate. He has a Last Will and Testament to reflect these wishes. However, a Last Will and Testament in itself is not sufficient enough to ensure that Robert’s children receive the inheritance that he intended.
Why? As a married couple, Robert and Barbara’s assets are jointly owned, meaning she is legally entitled to an elective share of his estate, while Robert’s children could potentially be left with less than what he had planned.
If Robert creates a Prenuptial Agreement, he could list the property he acquired before meeting Barbara as separate. This would allow him to allocate that property to whomever he wishes, including his children. Barbara would not have any rights to it, unless he wanted to leave her specific assets in his will.
Community States and Marital Property
- New Mexico
Your Last Will and Prenuptial Agreement
- The birth or adoption of a child
- The death of a beneficiary or an executor
- Marriage or separation
- The birth of grandchildren
- Major illnesses or a surgery
- Increase or reduction in assets or debts