Sometimes called a “pre-nup,” a Marital Property Agreement is a useful tool for agreeing soon-to-be spouses who would like to make an agreement regarding their financial affairs both at death and in the event of a divorce. There are two kinds of Marital Property Agreements. One is an estate planning tool that is usually drafted and signed along with wills for each spouse, and does not contain divorce provisions.  It classifies all assets owned by either spouse as marital or individual assets so that, when one spouse dies, the other can avoid a long and complicated probate process determining the classification of the deceased spouse’s assets.  One attorney can represent both spouses in preparing this type of agreement.  The other kind of Marital Property Agreement is designed to plan ahead for either divorce or the death of one spouse.  Because this type of agreement contains divorce provisions, each spouse must have separate legal counsel.  Marital Property Agreements with divorce provisions can be useful if either spouse enters the marriage with significant individual assets or with obligations to provide for children from a prior relationship.

The attorneys at Balisle & Roberson, S.C. can help you decide if a Marital Property Agreement would benefit you and your spouse-to-be (or spouse).  Our experienced attorneys can draft an agreement tailored to fit you and your family's specific needs.