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Why your estate plan should include a prenuptial agreement

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Prenuptial agreements used to be the purview of the wealthy but they’ve become increasingly common and as a result so have successful spousal challenges.  Case in point, a New York Supreme Court’s Appellate Division ruled against real-estate investor Peter Petrakis in February, saying that he had “fraudulently induced” his fiancé to sign a prenup just four days before the marriage.  Here are some suggestions for creating a prenup that will stand up in court.

Only a small percentage of people getting married have prenuptial agreements but prenuptial agreements help to tackle issues such as real estate, spousal support and bank accounts.  Second marriages or marriages that happened later in life tend to bring much more significant assets to the relationship and with the current divorce rate in the United States hovering around 50 percent it makes sense to protect the inheritance of children from an earlier relationship or protect yourself against a spouse’s excessive credit card debt.

It is crucial that individuals 50 and over engage in planning to protect their assets and should consider hiring an attorney to determine whether a prenuptial agreement should be a fundamental part of your wedding plans.

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