Areas of Practice
WHO SHOULD GET A PRENUPTIAL AGREEMENT?
A prenuptial agreement may not be the most romantic aspect of planning a marriage. However, in some cases, it is an essential piece of legal and financial documentation that can help make some aspects of a relationship clearer, as well provide legal protection. But of course, not everyone needs a prenuptial agreement, and in some cases, even for people who should get a prenuptial agreement, a lifelong, happy marriage means they never actually put it to use.
So who is a prenuptial agreement for? Which people benefit the most from this?
Families Of Wealth
Whether is it the son or the daughter, often families in which there is sizable wealth will have a strong interest in writing up a prenuptial agreement. The reasons for this are understandable as there are numerous cases throughout the decades of wealthy spouses being taken advantage of in divorce court, and incurring huge losses at the hands of an opposing divorce lawyer.
If your family is wealthy, odds are that even if you don’t feel the need for a prenuptial agreement, your parents will. While it’s always best to try to see the good in people, the sad fact is that people of wealth are much more likely targets for mercenary relationships where money-not love-is the ultimate goal. A prenuptial agreement is protection against this.
When two successful professionals come together, this is not just a great meeting of minds, but also significant assets. You now have a situation where two people with a significant collection of possible stocks, bonds, properties, and other investments and even businesses are coming together in a romantic and legal union. However, that huge array of different assets is now also part of this marriage, and in some ways, those assets need to be handled like a traditional “business merger.”
While it’s true that any new properties or investments you may make together will be shared, it’s much better to be clear about dividing assets that came before. A good lawyer can be invaluable in helping to discuss, mediate and divide the assets correctly to ensure things are properly classified and documented for the a prenuptial agreement.
You don’t necessarily need to be wealthy or successful to think about a prenuptial agreement, you may just need to think about keeping things within your family. If you have a property, or antiques, or works of art that you know have to stay within the family, a prenuptial agreement is one way to guarantee these precious assets don’t get taken in the event of a divorce.
Any family that is looking to protect specific aspects of their legacy or family line should consider a prenuptial agreement to ensure no legal vulnerabilities when a family member is getting married. Even if a particular family portrait may not be deemed expensive, protecting it under a prenuptial agreement guarantees the portrait won’t be removed during a hostile divorce simply out of spite.
If you have doubts about what should or shouldn’t go into a prenuptial agreement, always consult a professional. A good attorney can give you a lot of useful information.