Prenuptial agreements can be a powerful family law solution
The subject of prenuptial agreements can be quite touchy for couples entering into marriage. Despite their growing popularity in recent years among the rich and powerful, bringing up prenuptial agreements can cause partners to question loyalty, trust and honesty.
Yet, many very wealthy couples, or high asset couples, believe that a family law tool such as a prenuptial agreement has many advantages before and after the wedding. This information may be encouraging to many people in Orange County who are considering this family law solution.
Finances are already a daunting topic for many people. According to a 2012 American Institute of CPAs survey, money is a large source of conflict between couples. Often, it is believed to cause friction, stress and arguments that eventually lead to divorce.
However, wealthy people see discussions about prenuptial agreements as a good way to begin the conversation about money matters. In fact, in a recent study, more than two-thirds of people with at least $5 million in net assets would recommend a prenuptial agreement to anyone looking to get married.
According to these wealthy investors, the biggest advantage of having a prenuptial agreement is that it protects assets accumulated prior to the marriage. A prenuptial agreement is originally intended to protect assets. Another advantage that many respondents see is that it allows a frank and open discussion to take place about money.
A prenuptial agreement is regarded as protection for children from a previous relationship. With the structure of families at this time of rampant divorces, blended families have become the norm. A prenuptial agreement can prevent a spouse from taking over assets and properties for his or her use. It can also help smooth out property division and other family legal issues during a divorce.
A prenuptial agreement is a delicate subject but, ultimately, it is something that many should consider before marrying. With the increasing number of divorces, including those involving older couples, it has become necessary to protect and secure assets obtained prior to marriage. Those who are interested should speak with a trusted legal professional in Orange County, California, for advice and assistance in preparing the legal documents.
Source: Millionaire Corner, “High Net Worth Investors See Advantages to Prenuptial Agreements,” Donald Liebenson, May 8, 2013