Many people are hesitant to get prenuptial agreements. They think of them in terms of potential divorces and no one wants to think about getting divorced when they are about to get married. However, prenuptial agreements can serve a different purpose. They can also be a very important part of an estate plan.
When Hugh Hefner recently got married for the third time, he made sure to get a prenuptial agreement. Hefner is undoubtedly far wealthier than his new wife and he has children from previous marriages. The prenuptial agreement protects his interests in his Playboy empire and protects his children’s interests as well. This is necessary because a surviving spouse could be entitled to a certain portion of an estate regardless of the details of a Will. The prenuptial agreement can contractually override that spousal entitlement.
A prenuptial agreement is not for every one. However, in situations where there is a wealth or age disparity between the couple, then it can be an important part of an estate plan. This is even more true when there are children from previous marriages who have inheritance rights that need to be preserved. Talk to an estate plan attorney before you get married to see if a prenuptial agreement is appropriate for you.