Wealthy couples face unique challenges when it comes to prenuptial agreements. In some cases, wealthy individuals learn that it might be difficult to make a prenup hold up if they get divorced. A solid prenuptial agreement can also help to protect assets in case of one spouse’s death.
If you have children from a previous relationship, a prenuptial agreement can serve to protect your children, even adult children, as well as you. If you pass away, the prenup can have provisions set aside for your children. This ensures that your children will have an inheritance from your hard work.
It is important to get the prenuptial agreement handled in the proper manner. You and your soon-to-be spouse should each have an attorney. It doesn’t matter who is paying, each attorney should look after his or her own client’s best interests. That means that even if you pay for your betrothed’s attorney, that attorney still has to look after your betrothed’s best interests.
The prenup can’t be handled too close to the wedding. In this case, planning early is best. It is possible for a prenup that is signed right before the wedding to be thrown out in court because the court might find that it was signed under duress.
It is vital for you to protect your interests if you are going into a marriage as a wealthy individual. Failing to protect your interests could mean that all your hard work was for naught if you end up getting divorced. Even if you are expecting an inheritance from a loved one, a prenuptial agreement can help to keep you protected.
Source: On Wall Street, “Making a Prenup Hold Up for Wealthy Couples,” Donald Jay Korn, May. 19, 2015
