An important part of estate planning is creating clarity with marital property agreements and domestic partnership agreements – especially if you own a business.
Types of Marriage / Partnership Agreements
Domestic Partnership Agreements
Unmarried but committed domestic partners can create binding agreements to address important matters such as ownership of property and other financial matters.
Prenuptial / Postnuptial Agreements
Wisconsin is a community property state, meaning that in the event of a divorce, most property acquired during a marriage is to be divided equitably between the spouses. A prenup (or postnup if created after the marriage) helps you avoid lengthy, expensive legal disputes by pre-determining the division of your marital property, which might include land, buildings, business holdings, jewelry, automobiles, and any other asset of value.
A prenuptial agreement is particularly recommended when:
You or your spouse is bringing a lot of debt into the marriage
One of you is entering the marriage much wealthier than the other
Either of you are remarrying or have children
You or your spouse own a business
This document can also establish provisions about what will happen upon the death or permanent disability of either spouse.
Divorce Marital Settlement Agreements
While this document is created and filed by a divorce attorney, it may contain provisions that impact your estate plan.