The important thing to consider in terms of a prenuptial agreement’s affect on your estate plan primarily is the waivers. A prenup can include a number of waivers that work to protect your estate plan because even if an estate plan is in place, a spouse still maintains a fair bit of power. Often, a prenup dictates what each spouse is entitled to receive both upon divorce and upon death. For instance, in Texas, many prenuptial agreements provide that neither party creates any community property. This means that one spouse could have a much larger share of the marital assets than the other spouse. Upon death, the deceased spouse’s estate would only contain the assets that the prenuptial agreement specified.
Can You Edit a Prenuptial Agreement?
Prenups are often done before marriage, but you might delay to make an estate plan for years into the future. This leaves many wondering if you can edit a prenup to better work with your estate plan – you can! Like any agreement, as long as both parties agree on the changes to a prenup, it can be changed even if you are already married.
However, if the prenuptial agreement is fundamentally unfair and you somehow forced your spouse to comply, the courts may not choose to uphold the rules put forth after your death. However, if you treat your spouse fairly in the prenuptial agreement that waives some inheritance and the estate plan that gives them a fair share, then the courts are likely to uphold your careful planning.
If you’d like to learn more about the estate planning process or even get your own plan going, contact us today.