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Protecting family wealth with a prenuptial agreement

On Behalf of | May 11, 2018 | High Asset Divorce |

Some Pennsylvania residents who are preparing to tie the knot may not have considered getting a prenuptial agreement. However, those who are bringing assets into a marriage may wish to consider a prenuptial agreement to protect those assets in the event of a divorce.

While some of the benefits of prenuptial agreements may be known, there are some couples who decide that they do not want to sign one. For affluent families, particularly those with generational wealth, this can be concerning. Many families do not want to ensure that the family wealth stays within the biological family and not be taken by the spouse if a divorce does occur.

In some cases, a child may not be fully aware of the importance of a prenuptial agreement, especially if he or she does not have an understanding of the family’s wealth. When a prenuptial agreement is written, a full disclosure of the assets must be provided. As such, it is recommended that parents start to discuss how prenuptial agreements can protect the family wealth before the child meets his or her future spouse. Parents can even start these discussions when the child is in his or her late teens or early 20s.

Going through the process of a high asset divorce can be confusing and stressful. A family law attorney may walk a person though the actual divorce process while working to protect his or her rights, especially when it comes to separate property, inheritance and family wealth. If the person has a prenuptial agreement, the attorney may take action to protect that agreement and prove that it was willingly signed by the other party.