Divorce is never an easy situation - no matter how amicably two people may try to come to a solution, splitting up assets and property can often be a major source of friction. As such, it's important for couples who are about to get married to think about the future and what might happen if their relationship does not last. One way couples can prepare for this potential outcome is by signing a prenuptial agreement that includes provisions for dividing marital property in the event of a high-asset divorce.
The Benefits of A Prenup for High-Asset Couples
A prenuptial agreement is often considered a smart move when it comes to high asset divorces. It creates a legally binding plan for the division of assets, income and liabilities in the event of a divorce which can help to avoid difficult court battles down the line. With increasing numbers of households with high wealth, people are becoming ever more aware of the benefit of prenuptial agreements as they understand the importance of protecting their financial interests in the case that things do not work out as planned. Prenuptial agreements can be beneficial for both parties by setting terms that are fair for everyone involved and allowing each party to enter into an agreement with peace of mind.
Can You Modify a Prenup if you Gain Wealth After Marriage?
It is important to note that a prenup can be modified at any time; if money is gained or lost anywhere over the course of the marriage, spouses can negotiate an updated version of their contract. Each state has its own laws governing the production and enforcement of prenuptial agreements so it is best to consult an attorney beforehand in order to ensure any modifications are valid under relevant statutes.
Review Your Prenup Prior to Asset Division Negotiations
To make sure all parties involved are on the same page, it is important to review the prenuptial agreement prior to any negotiations. By taking this step, spouses can ensure that they are both making decisions based on knowledge of the existing contract and will have an idea as to what might be open for discussion and potential compromise. Taking this proactive approach reduces much anxiety that could arise out of misunderstandings.
Pasadena High Asset Divorce Representation
Our team at Law Offices of Christopher L. Hoglin, P.C. specializes in providing experienced counsel throughout all stages of the high-asset divorce process. We are committed to protecting our clients’ legal interests while exploring all options for resolving issues as efficiently as possible. To discuss your high asset divorce case, prenuptial agreement concerns, or other family law matters, call us at (626) 653-4075.