When Love is in the Air, a Prenuptial Agreement May be Prudent
02.01.2021 Written by: Henningson & Snoxell, Ltd.
Prenuptial agreements, or “antenuptial agreements” as they are also called, memorialize commitments a couple makes to one another before the marriage relating to rights in property once married.
Global Prenuptial Agreements
Typically, couples sign a prenuptial agreement to define rights to assets and income during the marriage, at divorce, and at death. This type of “global” prenuptial agreement is often appropriate when a couple is middle-aged or older, or when the marrying individuals have children from a previous relationship.
Limited or Partial Prenuptial Agreements
Sometimes, however, a finely chiseled approach makes more sense. Such a limited or partial prenuptial agreement may address the disposition of only certain assets—not all of them. This kind of prenuptial agreement is often appropriate when the couple is young, marrying for the first time, or simply wants to come to agreement about a distinct asset (such as a business interest).
If you are consider marrying, first consider a prenuptial agreement!
Susan T. Peterson-Lerdahl is a shareholder in the Maple Grove, Minnesota Law Firm of Henningson & Snoxell, Ltd. She is Chair of the firm’s Estate Planning Department and has years of experience counseling individuals and families in estate planning, elder law, probate and trust administration as well as family business succession planning.