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Family wealth and prenuptial agreements

On Behalf of | May 15, 2018 | Divorce

Florida parents with wealth may want to protect their children’s best interests by encouraging them to pursue a prenuptial agreement when considering marriage. Of course, few people want to think about the potential for divorce when starting out with their married lives. If the concept of prenuptial agreements is newly introduced at the time of an engagement, people may be unwilling or wary to introduce the idea of a prenup. On the other hand, children who were raised with prenuptial agreements as a common and uncontroversial idea may be more willing to adopt a prenup later in life.

Parents may want to protect family wealth or a family-owned business in case of their children’s future divorce. However, it is important for these parents to raise the issue in a sensitive manner as many children may feel that it is an attack on their chosen partner rather than a general financial principle. However, by executing a fair prenuptial agreement with legal representation, children can plan for a just outcome in the case of a divorce that also protects the assets of the family with which they entered the marriage.

The process of making a prenuptial agreement can include more financial disclosure than the person getting married has ever dealt with in the past, especially if the items being addressed in the prenup include significant family wealth. Multi-generational wealth can be thought of as a legacy to be protected for the entire family, including future children.

Despite all of many couples’ best efforts and good intentions when beginning their married lives, a significant number of marriages result in divorce. Like when preparing a prenup, representation from a family law attorney may be critical when preparing for a divorce. A lawyer may be able to help a divorcing spouse reach a just settlement on a range of issues, including asset division and child custody.