Wiggin and Dana LLP’s Post

Name: Wiggin and Dana LLP on LinkedIn: With our second episode in our speaker series, Partner Helen C…
Uploaded: 2024-08-20T14:17:53.074Z
Channel: Wiggin and Dana LLP

Wiggin and Dana LLP

7,541 followers

2mo

With our second episode in our speaker series, Partner Helen C. Heintz dives into the increasingly common practice of drafting prenuptial agreements. Highlighting the evolution of her clientele over nearly two decades, Helen outlines the shift towards safeguarding inherited wealth in first and second marriages—primarily driven by concerned parents wanting to protect assets for their children. Helen further explores the nuances of these agreements across different states, such as Connecticut and New York, emphasizing the importance of disclosure, representation, and the distinction between separate and marital property. This episode is a must-listen for anyone interested in the mechanics and significance of marital agreements in asset protection and estate planning. To listen to the episode, click here: https://lnkd.in/gjqndBQr

Transcript

So in our agreement, we're going to define separate property typically as property come into the marriage with property that's a gift that's inherited, that's a distribution from a trust at any point in time during the marriage, the increase in the value of the separate property throughout the marriage is going to be separate property. And we're going to even say that even if the spouse contributes some sweat equity and that's upper property, that's going to remain separate property, marital property. Is typically your employment income earned during the marriage, retirement accounts, that sort of thing. And then property put into joint name. We also will address commingling of separate property with the marital property. So somebody may have significant separate property, they're going to use 100,000 from their separate property account to buy a residence which is marital property. And we're going to make sure that that party gets that money back at the end and then the value of that marital property will be divided equally. Usually that works well. So we described how we typically will categorize, define separate property and marital property and we will deal with those property interests in the prenuptial agreement.

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